This article is taken from Investment Week, where Intelligent Partnership’s research was highlighted. Click here to read the original article

Foresight is the latest group to add itself to the list of providers raising money this tax year after director James Livingston disclosed at an AIC seminar last week it would be asking for £30m in new funds from both current and new investors for its Foresight VCT 1. The details of the offer are yet to be disclosed.

Meanwhile, Maven Capital Partners recently announced a £15m top-up offer for its Income and Growth VCT 6. The offer is open until April, but there is an early incentive scheme for investors who apply before 26 February. The discount applied will be 1.5% for existing shareholders and 1.25% for new investors.

Hargreave Hale is also offering a subscription to new and existing shareholders to raise an additional £25m for its two AIM VCTs, managed by Giles Hargreave and Oliver Bedford.

An early bird offer to subscribe to the Hargreave Hale AIM VCT 1 and Hargreave Hale AIM VCT 2 will run until 29 January.

In the wake of changes to investment rules in last summer’s Budget, many industry commentators forecast the amount of new funds raised in this tax year would be substantially below last year’s total of £429m.

In September, Tilney Bestinvest released a survey of managers in the space which suggested the majority believed the sum raised this year would be below £350m, while average expectations were around the £273m mark, or a third less than last year.

However, given the top-up amounts that have been announced in the interim period, it looks likely this year’s fund raising will not fall far short of last year.

Jason Hollands, managing director of communications at Tilney Bestinvest, said launches were coming later this year.

“This will not be the tax year to hang back,” he said.

This view is supported by a recent survey of advisers, which found 91% believed they would be doing more VCT business in the next 12 months.

The study, from alternative investment information provider Intelligent Partnership, found changes to pensions – including the threat to higher-rate tax relief floated in recent weeks by the government – are encouraging advisers to look elsewhere for tax-efficient investments.

Previous adviser wariness of relatively higher costs and wide discounts for VCTs has also been eroded in recent years, according to Ian Sayers (pictured), chief executive of the Association of Investment Companies.

“With the pension freedoms now a reality, the importance of tax planning for those in or near retirement has never been more important.

“The ongoing changes to the lifetime and annual allowances for pension contributions are also leading to increased demand for VCTs.”