Risks

VCT investment should be viewed as a long-term investment with shares being held for a minimum of three years. Venture Capital investment carries the risk of potential total loss of capital. Shares in a VCT may be difficult to realize. VCT investments are not suitable for all individuals, and potential investors in VCTs are strongly advised to seek independent professional advice when considering investment in a VCT.

The investments made by VCTs will normally be in companies whose securities are not publicly traded or freely marketable, and therefore may be difficult to realise, and investments in such companies are substantially riskier than in large companies. Proper information for determining their value or the risks to which they are exposed may also not be available. There can be no guarantee that a VCT’s investment objectives will be achieved.

Any realised losses on a disposal of ordinary shares will not be allowable losses for the purposes of capital gains tax, and will therefore not be available for set off against any capital gains. If a VCT loses its Inland Revenue approval, tax reliefs previously obtained may be lost. Tax assumptions are subject to statutory change and the value of tax reliefs will depend upon individual circumstances.

The past performance of funds managed or advised by the Manager is not necessarily a guide to future performance.