The fundraising figure for venture capital trusts (VCTs) for the 2017/18 tax year was £728m, the highest level recorded in over ten years and the second highest in history, according to new data from the Association of Investment Companies (AIC).
The sector raised £728m between April 2017 and the end of the tax year on 5 April 2018, the highest amount since the inception of the VCT and an increase of 34% on the previous year's £542m figure. It is also the highest amount ever raised at the current level of 30% upfront tax relief. The highest figure recorded was during the 2005/6 tax year when the sector raised £779m, and the initial tax relief on investments was 40%. As at 5 April, assets under management for the sector were £4.3bn, up from £3.9bn as at 5 April 2017. Ian Sayers, chief executive of the AIC said: "The 2017/...
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