Industry backs chancellor’s plan to extend VCTs beyond 2025
- On October 5, 2022
- By GrowthInvest Marketing
Half of VCTs sell their goods and services abroad, compared to the UK average of 10%
The Association of Investment Companies (AIC) has backed the government’s decision to extend the venture capital trusts (VCT) scheme beyond 2025 in its report into the impact of VCTs on economic growth.
In chancellor Kwasi Kwarteng’s (pictured) mini budget, he announced that tax relief for VCTs would continue beyond 6 April 2025, removing the “sunset clause” that threatened to bring an end to the scheme.
Launched in 1995, it provides an upfront 30% income tax relief for VCT investors.
Richard Stone, chief executive of the AIC, said: “VCTs deliver a wide variety of benefits to the economy, entrepreneurs and investors, so we were delighted to hear the chancellor back the scheme in his mini budget. We’re looking forward to working with the Treasury to put the scheme on a permanent footing and remove any remaining uncertainty for investors and companies.
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