Budget 25: VCT sector blindsided by 'appalling' tax relief cut to 20%

Chancellor Rachel Reeves did not unveil the full cut in her budget parliamentary speech but it was revealed in the supporting documents. It has been almost 20 years since the tax relief had been touched, when it was cut from 40% to 30% in the 2006/2007 financial year. At the time, the amount of money raised fell by two-thirds and did not recover to its previous levels for another 16 years, according to the Association of Investment Companies (AIC). The surprise move left the VCT industry aghast. Chelsea Financial Services research analyst Peter Hicks called it an "appalling blow" to ...