Almost all advisers who allocate client capital to venture capital trusts (VCTs) do so with the tax advantages in mind, according to research from the Association of Investment Companies (AIC).

The researchers spoke with 154 advisers about their attitudes to the products and found of those who use VCTs for clients, 92 per cent said the tax relief was the “primary reason” for doing so.

Investments in VCTs benefit from a 30 per cent income tax relief if held for five years, while all capital gains from the investments, and all income received is free of tax.

But Venture Capital Trusts can only invest in unquoted companies, including companies listed on the Alternative Investment Market (AIM).

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