The level of funds raised by venture capital trusts (VCTs) in 2017/18 was up almost a third on the previous tax year – to £745m – the latest figures from HM Revenue & Customs (HMRC) have confirmed.

Up a little over 30% on the previous tax year’s figure of £570m, the £745m is also the second highest amount raised since VCTs were created in 1995 – eclipsed only by the £779m raised in 2005/06.

That means the most recent amount was also the most raised at the current level of 30% upfront tax relief – the initial tax relief on investments in 2005/06 having been 40%.

While the number of VCTs raising funds has been declining in recent years, according to HMRC, 2017/18 saw the first increase since 2013/14. As the following table illustrates, in 2017/18 there were 43 VCTs that raised funds, up from 38 in 2016/17.

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