TUPE opposition discredits the industry

The Chancellor's Budget contained few surprises. There was good news for VCTs which it was announced will be exempt from VAT on management fees from 1 October 2008. It is estimated that this will free up to ТЃ10m a year to be invested in smaller companies. This move follows the provision announced in last year's Budget which changed the rules on qualifying investments for VCTs and introduced a six-month grace period for the purposes of the 70% test