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Venture Capital Trusts Industry Report Disclaimer Publication 16/17 VENTURE CAPITAL TRUSTS INDUSTRY REPORT DISCLAIMER PUBLICATION This report is provided for general The information has been compiled information purposes and for use from credible sources believed only by investment professionals to be reliable, however it has not and not by retail investors. been verified and its accuracy and completeness are not guaranteed. Reliance should not be placed on the information, forecasts and opinions set The opinions expressed are those of out herein for any investment purposes Intelligent Partnership at the date of and Intelligent Partnership will not accept publication and are subject to change any liability arising from such use. without notice. Intelligent Partnership is not authorised No part of this publication may and regulated by the Financial Conduct be reproduced in whole or in part Authority and does not give advice, without the written permission information or promote itself to of Intelligent Partnership. individual retail investors. FOREWORD Welcome to the second edition of the annual VCT Industry Report We know that advisers are increasingly interested in VCTs. It will Editorial be no surprise to any of our readers that our market research Daniel Kiernan found that lower limits on the amounts that can be saved in Lisa Best pensions are starting to have an impact. Advisers looking for alternative tax efficient investments have naturally turned to VCTs. Ryan Zeng We also know that the amount of funds raised through VCTs has continued to increase: from a low of around £200 Creative million in 2008 to consistently raising £435 to £440 million Mar Alvarez over the last three tax years. However, this year is proving to be different. VCTs are still digesting the money they raised over the last few years, and the rule changes announced in Sub-editing 2015 mean that the universe of potential investments has shrunk. Therefore, fewer VCTs are raising, and most of those Daniel Kiernan that are raising are seeking relatively small amounts. Lisa Best Ryan Zeng What does this mean for advisers? Well, advisers who want to use VCTs for tax planning purposes this year will need to be quick – or perhaps more accurately, they will need Research to be prepared. Carrying out research and due diligence on providers and open offers, finalising investment panels Lisa Best and shortlists and identifying suitable clients early on will Ryan Zeng mean advisers can secure the investments they favour. Alan Sheehan This report should form part of that preparation. It won’t replace Adrian Scales the product specific work that is required, but it will quickly bring Katie McCarthy readers up to date on the sector, the changes to the rules, issues to be mindful of, and which new offers are coming to market. Marketing There’s also a campaigning element to our work: we believe that by surfacing some of the issues that exercise advisers – such Michelle Powell as transparency around charges for example – and collating data on them, we will make the market more transparent and consequently more responsive to what advisers want. Print Palina Limited Taken together, the market update, adviser survey and industry analysis will all help advisers to develop an informed opinion on the VCT sector, and feel confident that their research has covered the whole of the market. I hope you find the report useful and informative, and that it continues to be an important resource for you over the next twelve months. GUY TOLHURST Managing Director Intelligent Partnership Copyright © Intelligent Partnership 2017 3 CONTENTS INTRODUCTION MARKET UPDATE ADVISING ON VCTs 03 FOREWORD 06 OPENING STATEMENT 07 KEY FINDINGS 08 REPORT OVERVIEW 17 DEVELOPMENTS IN VCTs 35 CONSIDERATIONS FOR ADVISERS 09 EXECUTIVE SUMMARY 18 VCTs’ IMPACT 37 CLIENT CASE STUDIES 11 OVERVIEW OF VCTs 23 FUNDRAISING OUTLOOK 38 DUE DILIGENCE & 12 TYPES OF VCT 26 THE IMPACT OF POLICY SUITABILITY CHANGES 13 WHY CONSIDER VCTs 39 TYPES OF VCT 30 VCT vs EIS 14 PERFORMANCE 40 OVERCOMING THE PII 32 REGULATIONS OBJECTION 15 SMALLER COMPANY INVESTING 33 CONCLUSIONS 40 CONCLUSIONS * Please note: unless otherwise stated, all charts and graphs have been provided by Intelligent Partnership Intelligent Partnership is committed to the very highest professional standards as embodied by its accreditation and membership to these industry associations. 4 16/17 MARKET RESEARCH INDUSTRY ANALYSIS FINAL CONCLUSIONS 56 TERMINOLOGY 57 OVERALL MARKET 71 REPORT CONCLUSIONS 42 ADVISER SURVEY 60 CONCLUSIONS 72 USEFUL ORGANISATIONS 45 ADVISER ROUNDTABLE 62 MANAGERS IN FOCUS 73 POLICY CHANGES 48 INDUSTRY ROUNDTABLE 67 VCT COMPARISON TIMETABLE 54 CONCLUSIONS 69 PROVIDER DIRECTORY 74 CPD AND FEEDBACK FSC is a non-profit international organisation established to promote the responsible management of the world’s forests. Products carrying the FSC label are independently certified to ensure consumers that they come from forests that are managed to meet the social, economic and ecological needs of present and future generations, and other controlled sources. 5 OPENING STATEMENT A WORD FROM THE ASSOCIATION OF INVESTMENT COMPANIES Access to patient capital is vital for the investment companies by advisers UK’s dynamic smaller businesses, and have almost tripled since the RDR, and LEARNING OBJECTIVES VCTs have been a natural home for the average investment company is patient capital since their inception currently outperforming the average We are required to state these in over 20 years ago. The closed-ended unit trust over one, three, five and ten order to qualify as accredited for structure provides the ideal vehicle for year periods. Structured CPD. By the end of the longer-term finance for companies, report readers will be able to: Reductions in the amounts that and the generous tax reliefs help offset can be saved in pensions have also Describe how recent rule changes some of the risks investors face in this encouraged advisers to consider VCTs, have impacted VCTs sector. with higher earners and those who Identify the latest VCT offers VCTs boost the UK economy by are close to maximising their pension raising money, and describe how providing vital finance and expertise allowance looking for tax efficient this year’s open VCTs compare with and stimulating high levels of job alternatives. Upfront tax relief, and previous years’ offers creation. VCT-backed businesses have tax-free growth and income, mean high levels of innovation and significant that many advisers are turning to VCTs Benchmark current VCT offers levels of exports, indicative of their to supplement their clients’ pension against each other and against potential value to the UK economy. saving. previous years, based on key Moreover, VCTs are good value for investment criteria such as cost, Furthermore, now that the sector taxpayers, as our research shows that target returns, liquidity and has had time to digest the changes investee companies contribute more in minimum investment levels, and be to the rules that were made last year tax than the cost of the initial tax relief. able to break this information down to ensure ongoing compliance with by VCT type and sector In our recent survey of 409 companies European State Aid rules, we should be that received VCT investment, we found in for a period of regulatory stability. Explain what VCTs are to their that over 20,000 new jobs had been This will mean that VCT managers will clients created across the country by these be able to get on with what they do List the different tax advantages firms, with an average of 60 jobs per best: investing in dynamic small UK that are available investing in VCTs company since VCT investment. Where companies. Carry out due diligence and VCT investment had been in place for All of this means that there is a positive assess the potential risks and over five years the average increase in backdrop for the VCT sector. However, benefits of VCTs jobs was 103 per company. the signs are that fewer VCTs will be Identify clients and investment In 2015, VCTs participating in our raising money this year than in the objectives where VCTs could be survey provided £225 million in recent past, and demand might well suitable finance to 115 smaller companies, split exceed supply. Advisers and investors primarily between business services, will need to be ready and prepared digital, creative and information in order to secure the investment services and retail and manufacturing. opportunities they want. Therefore It was also another successful year for we encourage advisers who are new fundraising, with VCTs raising £457 to VCTs to read this report and make million in the tax year 2015/16, the use of the educational materials on third highest total ever and proof of the AIC website, www.theaic.co.uk; and their ongoing popularity. for advisers who are more familiar with VCTs, we think this document will Advisers are also getting increasingly provide a useful refresher and serve as familiar with VCTs and investment useful reference material for the next companies. Purchases of shares in twelve months. IAN SAYERS, Chief Executive, The Association of Investment Companies (AIC) 6 KEY FINDINGS HIGHLIGHTS FROM OUR RESEARCH COMPETITION DECREASES SUPPLY with 25% fewer VCTs in 2015 raising the same DEMAND amount of money as in 2014 2016’s demand for VCTs may 20,000 NEW JOBS well outstrip supply, leading created by VCT-backed companies to a capacity crunch RULE 38 CHANGES £4,545 VCT INVESTEE COMPANIES AVG MINIMUM SUBSCRIPTION on average more are having an impact. All for 2016 VCTs raising
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