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VCT funding up 245 per cent compared to same time last year

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VCT funding so far in January 2019 totals GBP91.3 million, up 245 per cent compared with the same time last January (GBP26.4 million), according to data released by Wealth Club.

Over GBP313 million has been raised so far this tax year. A total of GBP745 million was invested for the whole of the previous tax year, which was second highest year on record.
 
Northern VCTs, which closed last Thursday, is the latest to sell out, having raised GBP19.8 million in 11 days. Octopus AIM and Hazel Renewable Energy are the other two VCTs to have sold out so far this year.
 
Alex Davies ,CEO & Founder of Wealth Club, says: “VCT take up has increased dramatically since the beginning of the Year. Popular offers such as Northern, Baronsmead, British Smaller Companies, Maven and Octopus Titan, have either sold out or are selling out fast. Pension changes, the crackdown on buy to let and the ever-increasing dividend tax mean that demand this year should be higher than last. Unlike with unit trusts, each year there is only a limited supply of VCTs. Therefore if you spot a VCT you like, you should act quickly, whilst it is still available.”

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