VCT fundraising in 2017/18 hits second highest level on record

Just shy of 2005/6 tax year's £779m figure

The fundraising figure for venture capital trusts (VCTs) for the 2017/18 tax year was £728m, the highest level recorded in over ten years and the second highest in history, according to new data from the Association of Investment Companies (AIC).

The sector raised £728m between April 2017 and the end of the tax year on 5 April 2018, the highest amount since the inception of the VCT and an increase of 34% on the previous year's £542m figure. It is also the highest amount ever raised at the current level of 30% upfront tax relief. The highest figure recorded was during the 2005/6 tax year when the sector raised £779m, and the initial tax relief on investments was 40%. As at 5 April, assets under management for the sector were £4.3bn, up from £3.9bn as at 5 April 2017. AIC's Sayers: The industry's biggest challenge of the n...