VCTs raisings hit £340m
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Venture Capital Trust have raised a total of £340m in the last tax year, more than double the amount raised in the previous tax year, according to figures from the Association of Investment Companies.
The £340m raising is the fourth highest since VCTs were first launched in 1995 and dwarfs the £158m taken in the 2008/2009 tax year.
AIC director general Ian Sayers says: ““This year’s impressive fundraising will increase VCTs’ capacity to support companies which find it difficult to raise development capital. It is particularly valuable given banks’ continued reluctance to lend to small businesses. This money will support enterprises across the UK in key growth sectors, help create jobs, develop export markets and increase investment in research and development.
The record raising for VCTs was £779m in the 2005/06 tax year.
Hargreaves Lansdown investment manager Ben Yearsley says: “This year’s return was been boosted by the changes in pension and tax regulation. High net worth are now more concerned about the effect of this and view VCTs as a viable alternative.”
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