Sales of venture capital trust vehicles have risen to £71.5m in the run-up to the close of the finan...
Sales of venture capital trust vehicles have risen to £71.5m in the run-up to the close of the financial year 2001/2002, but remain substantially below the figures recorded for this time last year.
Expectations of total 2001/2002 sales are now in the region of £80-£150m, according to alternative investment specialists Allenbridge. This is out of a total capacity of some £255m. In the financial year 2000/2001 sales of venture capital trusts (VCTs) reached some £430m.
David Knight, director of tax shelter research at Allenbridge, said: 'Time is running out but many investors have no doubt held back their investing since there has been no fear of any of the funds closing before the end of the tax year. However the last minute rush during March may turn out to be simply a quickening of the pace.
It is unfortunate that in a year when capital gains have been low with consequent low demand for VCTs, that the products themselves have looked very promising.'
As of 19 March the trust which had raised the most amount of assets was the Unicorn Aim VCT, managed by Peter Webb, which had raised some £19.9m. Others which have seen strong in-flows in recent weeks include the Quester 5 VCT and the Electra Kingsway VCT, which have both raised around £9m.
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