Will Fraser-Allen, Deputy Managing Partner at Albion Ventures in the 2015 budget

Will Fraser-Allen, Deputy Managing Partner at Albion Ventures in the 2015 budget

Commenting on the rule changes to VCTs, EIS and SEIS in the March 2015 Budget, Will Fraser-Allen, Deputy Managing Partner at Albion Ventures said:

“These amendments make sense in the context of obtaining EU approval and would appear to have minimal impact on the vast majority of schemes.  Having managed VCTs for over 20 years we have yet to commit over £15 million in any portfolio company and cannot immediately think of an investment in a company for the first time that was over 12 years old.  However, these changes underline The Treasury’s continued commitment to supporting tax-efficient investment schemes and the role they play in support high growth small businesses and generating commensurate returns for investors.”

Commenting on the reduction in the lifetime pension allowance from £1.25m to £1.m announced by the Chancellor in today’s budget, Will Fraser-Allen said:

“There is little doubt that this will increase demand, among a significant larger number of people planning for retirement, to invest in a broader range of tax-efficient pension supplements, including VCTs.  We’ve already seen a substantial increase in investor interest in VCTs following earlier reductions in the pension lifetime allowance and expect this additional reduction to  further boost demand.”

Commenting on the proposed introduction of Social Venture Capital Trusts (Social VCTs) in today’s Budget, Robert Whitby-Smith, Partner at Albion Ventures said:

“We welcome the establishment of Social VCTs and based on the details released in the Budget we are increasingly of the view that  Social VCTs with tax reliefs will encourage demand among retail investors looking to support social enterprise.”

Categories: News, UK Pensions
Tags: Regulation

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