Following the Government's Autumn Budget announcement, Chris Lewis, Chair of the VCT Association, commented:

“Today’s Budget underscores the Government’s commitment to sustained economic growth. Venture Capital Trusts (VCTs) will continue to play a crucial role in delivering this through supporting high-growth businesses and providing essential funding to scale-up companies across the UK, and we welcome the Chancellor’s reiteration of the Government’s commitment to extend the scheme for another 10 years. With over 1,000 businesses currently benefiting from VCT funding, the sector significantly contributes to job creation and innovation.

Given the tax changes announced today, the benefits of VCTs for both investors and entrepreneurs are even more compelling. VCTs provide tax-efficient investment opportunities while offering patient capital that is reinvested to support the long-term growth of UK businesses. The scheme also continues to offer a tax-efficient way to invest in the AIM market despite the new 20% inheritance tax on AIM shares. Now is a pivotal moment for close collaboration between the VCT industry and the UK Government to seize the opportunity for growth.”