Venture capital trusts (VCTs) raised £731m for investment in small businesses during the 2018/19 tax year according to new figures from the Association of Investment Companies (AIC).
The figure marks the highest amount ever raised at the current level of 30% up-front tax relief and the second highest amount since the inception of this type of product in 1995. For the 2017/18 tax year, the sector raised £728m, and £542m in the tax previous year. The only year to beat this year's record was 2005/2006, which saw £779m raised in VCTs. Ian Sayers, chief executive of the AIC, said: "The 2018/19 fundraising figure reflects consistent high demand for the VCT sector and the growing recognition of the benefits VCTs provide to investors. "It is the second highest fundrais...
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