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VCT fundraising for 2016/17 the second highest on record

10 April 2017

The AIC has published the VCT fundraising figures for the 2016/17 tax year.

The 2016/17 figures reveal that the sector has raised £542m. This is the second highest amount raised and an 18% increase on last year’s figure (£458m).

This is the highest amount raised since 2004/5 (£779m) when income tax relief was increased from 20% to 40%.  VCT assets under management to 5 April 2017 (£3.9bn) are also up on last year’s £3.6bn.

Ian Sayers, Chief Executive of the Association of Investment Companies (AIC) said: “These figures are a testament to the ongoing demand for VCTs by investors, boosted by the pensions restrictions and attractions of a tax-free yield, and the ability of managers to adapt to the new investment rules.

“But most importantly this is great news for UK smaller companies who are accessing the finance and expertise they need to grow.  VCTs have an excellent track record of providing scale-up capital to smaller companies, creating growth, jobs and innovation. The growth of smaller companies is vital for the UK’s economic success and some of the businesses VCTs support develop into household names.”

VCT fundraising figures

Tax year

Fundraising (£m)

2016/2017

542

2015/2016

458

2014/2015

429

2013/2014

420

2012/2013

269

2011/2012

267

2010/2011

354

2009/2010

338

2008/2009

154

2007/2008

219

2006/2007

267

2005/2006

779

2004/2005

505

2003/2004

50

2002/2003

65

2001/2002

125

2000/2001

433

1999/2000

270

1998/1999

165

1997/1998

190

1996/1997

170

1995/1996

160

For more information on VCTs, see the AIC’s guide: Going for Growth

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Notes

  1. VCT fundraising figures are excluding enhanced share buy-backs.
  2. The Association of Investment Companies (AIC) was founded in 1932 to represent the interests of the investment trust industry – the oldest form of collective investment.  Today, the AIC represents a broad range of closed ended investment companies, incorporating investment trusts and other closed ended investment companies and VCTs.  The AIC’s members believe that the industry is best served if it is united and speaks with one voice. The AIC’s mission statement is to help Members add value for shareholders over the longer term. The AIC has 345 members and the industry has total assets of approximately £163 billion.
  3. Disclaimer: The information contained in this press release does not constitute investment advice or personal recommendation and it is not an invitation or inducement to engage in investment activity. You should seek independent financial and, if appropriate, legal advice as to the suitability of any investment decision. Past performance is not a guide to future performance.  The value of investment company shares, and the income from them, can fall as well as rise.  You may not get back the full amount invested and, in some cases, nothing at all.

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Annabel Brodie-Smith
Communications Director
Tel: 020 7282 5580
annabel.brodie-smith@theaic.co.uk
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@aicpress

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