Wealth Club, the tax-efficient investment service, has revealed the big success stories of 2016-17 as venture capital trusts (VCTs) saw the highest demand in a decade.
The total raised by VCTs in the 2016-17 financial year was £542m, the second highest fundraising on record. Furthermore, only four VCTs remained open at the end of the tax year, with the rest closing due to limited capacity, while eight of the 20 offers were extended through an over-allotment facility. Alex Davies, CEO and founder of Wealth Club, said the high amounts raised were due to high-earners searching for a tax-efficient alternative to pension funds. He said: "It was little surprise that the 2016-17 tax year was characterised by VCTs closing early and capacity filling quick...
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