VCTs raised £918m ahead of upfront income tax relief cut

This represented the third highest annual fundraising on record, as investors locked in upfront income tax relief at 30% before it was reduced to 20% at the start of the tax year on 6 April 2026. AIC CEO Richard Stone said a strong year of fundraising from VCTs is good news for young, ambitious UK companies with growth potential, but fundraising for this tax year will likely be a different story due to the tax relief cut.  "The cut in income tax relief from 30% to 20% shifts the risk/reward calculation for investors and ultimately that will mean growth capital drying up for some of th...