Budget: VCT top-ups more likely than new launches - ISIS

ISIS itself has chosen top-ups to existing trusts as the preferred route in recent times, while the industry as a whole has gone through a conundrum sparked by the three-year equities bear market. "The industry needs to build scale," Hollands says, "it needs bigger trusts." Overall, the chancellor's proposals to extend income tax relief to 40% from 20% in fiscal 2004/5 and 2005/6, and the double investment limits to £200,000 in those same years represents a mixed bag, Hollands adds. The proposals backtrack from expected promises of a 20% injection directly into the trusts, rather t...