Discipline, not relief will define the next era of VCTs

The Autumn Budget decision to reduce Venture Capital Trust (VCT) income tax relief from 30% to 20% from April 2026 has prompted an immediate and understandable reaction across the adviser community.  For many firms, the short-term focus is clear: what does this mean for clients ahead of the next tax year-end?  With relief remaining at 30% until April 2026, we are already seeing increased engagement as advisers assess whether clients should use allowances sooner rather than later, in a last chance to benefit from that extra 10%. But beyond the inevitable year-end surge, exacerbated by ...