7 days until tax year 2021/22 tax year allocation closes
With just one week until the 5th April end of tax year deadline, wealthy and sophisticated investors will need to get their skates on if they want to take advantage of Venture Capital Trusts’ (VCT) annual allocation for 2021/22. From the £1.4bn of capacity made available this tax year, just £172 million is left and many VCTs have already sold out or are nearing capacity.
Alex Davies, CEO and Founder of Wealth Club said: “A record £967 million has been invested in VCTs so far this tax year across 27 different offers. 11 of these have already sold out but there are still some great opportunities available for investors, although they should act now rather than waiting until the 5th April as many of the best offers could be full by then. Quite a few VCTs also close a day or so before the tax year end to ensure they have to time to allot their shares. Popular offers with Wealth Club clients that still have capacity include the Pembroke and Proven VCTs.
There is always a dash for VCTs during the last week of the tax year as clients start to fully digest and realise their pending tax bills and we suspect the dash this year will be even more than usual. Successive restrictions on pensions and increased taxes coming in from April mean that wealthier investors are being increasingly squeezed, which has meant that VCTs are more in demand than ever.”
VCTs with limited availability we like:
Pembroke VCT – Pembroke VCT seeks to invest in premium consumer brands. Its portfolio, which contains several wellness and ecommerce brands, has benefited from the changing consumer habits following the pandemic and as a result has performed strongly through the last two years. Profitable and recent exits from brands such as ME+EM the luxury fashion retailer, Pasta Evangelists, the premium pasta delivery business, and Plenish, the premium oat milk brand, have helped to fund generous dividend payments recently. We rate the manager Andrew Wolfson highly and believe Pembroke would complement a wider VCT portfolio.
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By GlobalDataProVen VCTs – The Proven VCTs contain a portfolio of fast-growing early-stage companies predominantly operating within the software and eCommerce sectors. In fact, over half (53%) of the portfolio is invested in companies that boast more than 25% annual revenue growth (in the twelve months to August 2021). The portfolio contains large positions in some of the UK’s emerging eCommerce stars, such as Papier, the online stationery business, My 1st Years, the personalised baby shop, MPB, the used camera marketplace, and Monica Vinader, the women’s jewellery designer.
VCT’s that launched this tax year and still have capacity
| Offers still available | Total raised (£m) | Days open | Capacity left (£m) |
| Octopus Future Generations | 25.5 | 56 | 14.5 |
| Foresight Enterprise VCT | 2.0 | 69 | 18 |
| Foresight Solar & Technology VCT | 2.0 | 75 | 18 |
| ProVen VCTs | 45.6 | 76 | 14.4 |
| Albion VCTs | 95.0 | 81 | 1.5 |
| Downing ONE VCT | 1.0 | 115 | 5.7 |
| Puma Alpha VCT | 1.8 | 139 | 13.2 |
| Seneca Growth Capital VCT | 2.5 | 150 | 7.5 |
| Maven VCTs | 26.3 | 186 | 13.7 |
| Triple Point VCT 2011 | 12.9 | 194 | 2.1 |
| Calculus VCT | 4.5 | 196 | 5.5 |
| Pembroke VCT | 39 | 201 | 11 |
| Blackfinch Spring VCT | 4.6 | 203 | 15.4 |
| Downing FOUR VCT | 7.5 | 215 | 22.5 |
| Puma VCT 13 | 28.2 | 235 | 1.8 |
| Foresight VCT | 17 | 242 | 8 |
| – | 315.4 | 172.3 |
VCT’s that launched this tax year and have closed
| Offers already closed | Total raised (£m) | Days open |
| Mobeus VCTs | 35 | 1 |
| Amati AIM VCT | 65 | 9 |
| Unicorn AIM VCT | 25 | 14 |
| Octopus AIM VCTs | 40 | 25 |
| Octopus Apollo VCT | 41.6 | 26 |
| Octopus Titan VCT | 200 | 28 |
| Hargreave Hale AIM VCT | 40 | 50 |
| British Smaller Companies | 60 | 50 |
| Northern VCTs | 40 | 58 |
| Draper Esprit VCT | 30 | 66 |
| Baronsmead VCTs | 75 | 116 |
| 651.6 |
