UK – VCTs defy cynics to raise £153m last year

The lion's share, or £68m, was raised by limited life VCTs, while generalists raised £59m. The rest was split between specialist and AIM VCTs.

While the figure is higher than had been expected, it is still a 30% decrease on the £220m raised the previous tax year. The sums are a sharp decline on the record £779m raised in the heady days of 2005/2006, when an attractive 40% tax break combined with buoyant market conditions to create a fundraising frenzy.

Mark Wignall, CEO of VCT manager Matrix Private Equity Partners, stated that the government should do more to stimulate the sector given banks' reluctance to lend to small businesses, as well as 3i's withdrawal from the lower end of the market.

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