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VCT season is less fruitful

Venture capital trusts have seen a 22 per cent fall in new investments so far this season.

Investors had placed £88.1m in VCTs at March 16 compared with £108.3m at the same point last year.

VCT providers predict that total sales figures each year will usually be double those achieved by March 17. This season’s figures suggest that a total of £176.2m will invested by the end of the tax year – a fall of almost £100m on last year.

Downing Corporate Finance director Tony McGing says: “This drop is down to market concerns, which are illogical to an extent given that VCT money is invested over a three-year period.

“Many expected the falls to be around this level but others were more pessimistic, so you could argue that the market has been resilient.”

McGing says enterprise investment schemes are likely to see an upturn following the capital gains tax changes.

He says: “EISs will do well this year, as you can now defer CGT at 40 per cent and buy back at 18 per cent. We have already seen increased demand for our own offering.”

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