Hugi Clarke: Why 2017/18 failed to beat the all-time VCT record

Last month marked the close of an exceptional tax year for venture capital trusts (VCTs), with a total of £728m invested. Not only was this 34% higher than last year's total of £542m - and the sixth yearly increase in succession - it comfortably broke the record for the highest amount raised since income tax relief was set at 30% 12 years ago, and was second only to 2005/06 when income tax relief stood at 40%. Despite these impressive statistics, the figure left some wondering what might have been. Such was the pace of VCT fundraising in the last quarter of 2017 and the volume of supply ...