Good budget for VCTs

VCTs have welcomed the Chancellor's announcement that they will be exempt from VAT on management fees effective 1 October 2008. It is estimated that smaller companies could benefit to the tune of £10m a year as the cash which would have been spent on VAT is used as investment capital. Last year the European Court of Justice ruled that investment trusts are exempt from VAT following a case brought by the Association of Investment Companies and JP Morgan Claverhouse.

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