Unicorn VCT, the last Venture Capital Trust (VCT) of the tax year to launch, raised over £15 million yesterday, selling out completely in less than 8 hours.
All VCTs from the 2022/23 tax year are now open, or have already filled, with total capacity this tax year to £1.324 billion. So far £661.9 million has been committed by wealthy investors, which despite the economic downturn, points firmly towards a second consecutive bumper year for the industry.
Last year 27 offers were launched across 42 trusts, raising over £1.1bn from private investors. This year there are 25 offers launched across 45 trusts.
Alex Davies, CEO and Founder Wealth Club said: “This years’ VCT season has delivered a second consecutive bumper year and there are still two months left to run. While the last two years have been incredibly challenging for many businesses, VCTs have been a break in the darkness – enabling young entrepreneurial British companies to access the funds they need in order to flourish and grow, creating new jobs and strengthening economic growth at the grass roots. Securing the UK’s future as a hotbed of innovation and enterprise.
VCTs remain one of the best ways that private investors can get exposure to the UK’s privately owned high-growth companies, and also offer generous tax reliefs to offset the associated higher risks. This makes them a valuable alternative for wealthier investors impacted by pension restrictions and ISA allowances.”