'Worrying times' as HMRC withdraws firm's VCT status

A requirements for operating a VCT is that no more than 15% of the fund can be invested in any one company, as calculated by the last price at which that company's shares were purchased. But Oxford Technology 3 VCT breached the '15% rule' in August last year through its holding in immunotherapy specialist Scancell. Oxford Technology, which is appealing the ruling, said the breach was "inadvertent" and the result of an increase in Scancell's share price after it took up its right to purchase additional shares in the group as part of a discounted rights issue. It had first invested in t...