Tax Efficient

Matt Dickens discusses the direction of travel of Business Relief over the past year, and looks to the future. He also homes in on two key concepts that Ingenious has picked up on in the Business Relief market: fiscal drag and the importance of diversification within an investor’s Business Relief portfolio.

Following the record VCT fundraising in the tax year 2017/2018, Will Fraser-Allen talks about the possible trends this year. He discusses Albion’s business model after the risk-to-capital condition came into effect, the company’s expansion into technology and technology-enabled businesses in healthcare and recent exits.

Richard Moore shares his outlook on VCT fundraising in the tax year 2018/2019. He tells Intelligent Partnership that the risk-to-capital condition had little impact on Calculus’ business model because of the company’s strong pedigree in growth investing. He also discusses Calculus’ dividend payouts approach and the challenges facing VCT managers previously focused on capital preservation.

Laurence Callcut takes a closer look at factors behind the VCT fundraising surge in the tax year 2017/2018. He explains the advantages of a generalist versus a specialist approach for different purposes. He also talks about Downing’s VCT dividend payouts and VCT as a supplementary retirement planning tool.

Speaking about the record fundraising for VCT in the tax year 2017/2018, John Davies shares his predictions for 2018/2019. He explains why the deal-flow is pivotal when choosing a VCT and discusses potential developments in terms of dividend payouts.

Belinda Thomas discusses Triple Point’s approach to dividend payouts in the post-Patient Capital Review landscape. She also shares her insights on what to take into account while looking for a VCT and explains the company’s VCT challenge-led investment strategy along with underlying investment focus.

Over 100 financial advisers attended the annual EIS Showcase at the London Stock Exchange. The attendees heard in-depth presentations from eight EIS investment providers, and had an opportunity to compare their approach and business models after changes introduced by the Patient Capital Review and the Autumn Budget 2017.

Ben Brown talks about Oxford Capital’s reaction after the risk-to-capital condition came into play. He covers the company’s focus on the knowledge-intensive companies and its selection approach. Brown stresses Oxford Capital’s commitment to actively supporting ambitious companies on their growth journey. Going forward, Brown would like to see more calm to allow for the current changes to bed in to see their effects.

As Symvan Capital has recently celebrated its fifth anniversary, co-founder Kealan Doyle discusses the company’s first exit. He explains Symvan’s approach to “zombies” in the portfolio. Doyle shares his view on the effect the requirement to hold EIS shares for at least three years has on investors. He also touches upon potential sector diversification prospects and future developments at Symvan.