VCT fundraising in 2017/18 second highest on record, HMRC confirms

Up a little over 30% on the previous tax year's figure of £570m, the £745m is also the second highest amount raised since VCTs were created in 1995 - eclipsed only by the £779m raised in 2005/06. That means the most recent amount was also the most raised at the current level of 30% upfront tax relief - the initial tax relief on investments in 2005/06 having been 40%. While the number of VCTs raising funds has been declining in recent years, according to HMRC, 2017/18 saw the first increase since 2013/14. As the following table illustrates, in 2017/18 there were 43 VCTs that raised fun...