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NVM updates guide to VCTs

Fund management group Nor-thern Venture Managers has produced an updated VCT tax guide for investors following the launch of its £25m Northern 3 VCT last month.

The guide is laid out in a question and answer format and aims to provide potential investors and IFAs with straightforward explanations about the advantages of investing in a VCT.

It provides an overview of the personal tax incentives to invest in a VCT, the availability of income tax relief and the time limits which apply to capital gains tax deferral.

It highlights that there is no income tax on VCT dividends, even if the investor is liable to a higher tax rate.

NVM says it has produced the guide to meet demand from the increasing number of investors becoming interested in VCTs outside the normal customer base of high-net- worth individuals.

It argues that VCTs are a good medium-term growth opportunity in current stock- market conditions.

The Northern 3 VCT will invest mainly in smaller unlisted UK companies across a broad spread of sectors and financing stages.

Managing director Alastair Conn says: “The tax breaks on VCTs are very attractive. Inv-estors can not only claim back 20 per cent income tax relief on their initial investment but also defer tax on capital gains at up to 40 per cent. This means that every £1 of new issue shares could in cashflow terms cost the investor only 40p. VCT shareholders also receive dividends completely tax-free.”


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