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Industry Update | Dec 2024
the tax-advantaged landscape: eis & VCT
The benefits of a well-diversified portfolio in today's VCT market
Backing scale-up companies across the UK
Praetura Investments
Puma Investments
Triple Point
VCTs: a powerful way to help clients pay less income tax
Industry Update | December 2024
VENTURE CAPITAL TRUST
Seneca Partners
Five things to consider for EIS & VCTs post the Autumn budget
t’s been a year of positive news for the VCT market, giving the sector much to feel optimistic about in recent months. As we look to the 30th anniversary for VCTs next year, the market has an optimistic outlook and remains a vital part of the funding ecosystem for innovative, small UK businesses. Recent highlights include data published from the Association of Investment Companies showing that VCTs raised £882 million in 2023/24. This represented the third highest VCT fundraise on record, despite this being down 18% from 2022/23’s total of £1.08 billion. At a time when fundraising across the wider venture capital market appeared to slow, VCTs are bucking this trend to show how pivotal they are for stimulating investment into UK early-stage companies. On top of this, the industry was boosted by the news that the EU had confirmed the sunset clause extension until 2035. The extension has helped to improve investor confidence and provided clarity for the future of both VCT and EIS. With much to feel positive about, this article reflects on just how far the sector has matured since its inception almost 30 years ago and how as an adviser, making sure that a client’s VCT portfolio is well-diversified is key to adding value.
Introduced in 1995, a VCT is a company listed on the London Stock Exchange that pools together money from investors to invest into early-stage and innovative companies, working similarly to other investment trusts. The government initially set up this scheme to stimulate investment into growth companies to drive innovation and create jobs. The rules governing VCTs have evolved over the years, and since 2015, they have been required to focus new investments specifically on early-stage, growth companies, potentially making them riskier than before. Of course, such businesses carry more risk than more established companies, VCT investors are therefore compensated with generous tax incentives. These include a mix of upfront and ongoing tax reliefs such as; 30% upfront income tax relief, tax-free dividends and tax-free growth. Investors are able to invest up to £200,000 each tax year and must hold the VCT shares for at least five years to maintain the tax reliefs.
The importance of diversification in VCT investments It is sometimes assumed that VCTs are already well diversified as they invest in a range of different businesses. Whilst this is true to an extent, you may find that certain VCTs are sector specialists or focus geographically on one area, which could expose the VCT to industry-specific or localised economic downturns. Due diligence into each provider is therefore key, and recent trends show that investors are taking a proactive approach to diversification by investing their money with multiple VCT providers. Not only does this act as a key foreseeable risk mitigator, as it can enhance portfolio stability, but it allows investors to tap into the varied expertise of different managers and with this comes the potential for higher returns. Diversifying portfolios geographically One way to add an extra layer of diversification to your VCT portfolio is geographically, specifically by searching for investment managers who undertake a regional focus. It’s no secret that the lion’s share of VC investment goes to companies that are based in London and the South-East. Earlier this year, dealroom.co shared statistics detailing that a total of $13.5 billion went to start-ups based in London, which represented 65% of the total UK VC investment for the year. However, interestingly this figure also represents a decline from ‘the highs seen in 2019 where London’s proportion of VC investment for the UK was at 75%’. With the regions now looking to level the playing field, investors are turning to places like the North of England where competition for VC deals is lower and valuations may be more realistic. It can provide portfolios the opportunity to leverage region-specific growth, and the extra level of diversification can help advisers offer their clients better. outcomes.
But what are VCTs? How do they work?
Adding value to your client's portfolio
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By Sam McArthur, Partner, Praetura Investments
With the regions now looking to level the playing field, investors are turning to places like the North of England where competition for VC deals is lower and valuations may be more realistic.
Sam McArthur
Partner, Praetura Investments
In recent years, VCTs have gradually become more mainstream and evolved from being an investment offer that is solely reserved for high-net-worths. Interestingly, more advisers are considering a wider range of their client bank for this type of investment, especially for those who have used up their annual pension and ISA allowances. This paired with a high-inflationary environment and the freezing of income tax thresholds has prompted an increasing number investors to prioritise effective tax-planning. And this is being reflected in a new emerging VCT investor profile. Data gathered by the Venture Capital Trust Association in January 2022 showed the average age of VCT investors is 56, down from 67 in 2017. This indicates that as pension reforms have reduced private clients' retirement planning options, younger investors are increasingly drawn to VCTs as a supplementary pension planning tool. Given the wide range of planning scenarios that VCT investments offer, it’s been no surprise that demand has increased in recent years. In recent years, we have witnessed the classic VCT fundraising season being extended from beyond the January-March window to accommodate such demand and that investors need to act quickly as popular VCT offers have filled quickly. The increase in demand is irrefutably pulling the importance of diversification into sharper focus for investor’s portfolios.
A shifting VCT market
VCTs unquestionably provide a valuable opportunity for the financial advice market and with more investors paying higher rates on income tax, the opportunity is growing. As an investment product, VCTs can provide attractive income and tax planning opportunities, via the utilisation of upfront tax reliefs and tax-free dividends. VCTs also provide investors the opportunity to access higher-risk, unquoted companies where there is an attractive return potential, whilst having some of the risk mitigated by the tax reliefs. Given the high-risk nature of VCTs, assessing client needs and understanding individual risk profiles is crucial. In general, a VCT investment is likely to be suitable for clients with a high tolerance for risk and advisers need to spend time carefully considering recommendations in suitability reports. There are many excellent VCT managers operating in the marketplace, and a strategic allocation that mixes both providers and strategies could help to diversify a client portfolio.
www.praeturainvestments.co.uk investments@praetura.co.uk
The benefits of a well-diversified portfolio in today's VCT market Backing scale-up companies across the UK VCTs: a powerful way to help clients pay less income tax Five things to consider for EIS & VCTs post the Autumn budget About Intelligent Partnership
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The brand is trusted by some of the UK’s leading financial services firms including 7im, Schroders, James Sharp, Lloyds Banking Group and Nationwide. They have also seen significant business growth over the past two years, through existing compliance and adviser productivity solutions Aveni Detect and Aveni Assist. This latest investment round will enable Aveni to build on the success of existing products, further establishing its presence across the financial services sector and introducing revolutionary technology through the creation of FinLLM, a financial services specific Large Language Model. FinLLM is being developed in partnership with Lloyds Banking Group and Nationwide.
Aveni, an award-winning AI FinTech solution, combines world-leading Natural Language Processing (NLP) expertise with extensive financial services experience, to build AI solutions designed specifically for the financial services industry.
In July 2024, Puma Growth Partners led a Series A round into Aveni, an award-winning AI fintech business based in Scotland, through the Puma VCT 13 and Puma Alpha VCT. Puma co-invested alongside Lloyds Banking Group and Nationwide in the £11 million Series A round to help Aveni deliver market-leading generative AI solutions for the UK financial services industry.
n this interview, Investment Directors for Puma Growth Partners (formerly Puma Private Equity), Mark Lyons and Ben Leslie, who are heading up the Company's presence in the North of England and Scotland, sit down to discuss the rationale for setting up dedicated teams in the regions and the key trends dominating the scale-up ecosystem. In addition, we take a closer look at one of the latest additions to the Puma VCT 13 and Puma Alpha VCT portfolios, Aveni, an AI fintech based in Edinburgh, Scotland.
1. What was the rationale behind setting up dedicated investment teams in Manchester and Scotland? Mark: Previously, while Puma had invested across the UK, we were lacking in brand recognition in the Northern cities. In my view, to access the primary deal flow within a particular region you need to have brand awareness and to drive that you need to have people on the ground attending relevant events and building relationships. Ben: Focusing on the Scottish market, there is a well-developed ecosystem of early-stage investors across Glasgow and Edinburgh. With strong access to talent, and Edinburgh alone attracting more than $1 billion of investment last year , it was a natural progression for us to set up a dedicated presence in Edinburgh, focusing on investing across the Central Belt. 2. What trends are you seeing from scale-up companies in your respective regions? Ben: There are particular sectors within Scotland that we are focusing on as a business. Firstly fintech, leaning into Edinburgh’s heritage as a financial services hub. Within the financial services sector, firms such as Barclays and JP Morgan have heavily invested into bases in Glasgow. With Scotland’s universities, particularly University of Edinburgh, leading on AI development we are now seeing the blend of commercial and technical skill becoming a key strength for a number of companies scaling up in the market. On a broader level Scotland has real competitive advantage within life sciences, energy transition and areas such as aquaculture. While these sectors are not focus areas for us, we’ve seen innovation thriving within the broader ecosystem as a result which creates opportunities for us to get involved. Mark: There are definite parallels in the Northern markets to Scotland with a strong focus on digital and technology, specifically fintech and AI. Creative and media are also areas where we come across a number of opportunities and in Manchester we are seeing the increasing emergence of beauty and apparel brands dating back to the city’s strong heritage in these sectors. In Manchester, the new £1.7 billion science and technology innovation district has recently launched, predicted to generate over 10,000 jobs and contribute £1.5 billion to the economy every year in Manchester .
One of the core principles of our VCT approach is that we find and back scale-ups, not start-ups. We look for scale-up, high-growth businesses, where there is potential to achieve attractive levels of return with lower risk and volatility. In the last 12 months, we have analysed over 650 investments. As we look to the north of the country as a hub of innovation and entrepreneuralism, we have expanded our offering, having opened our new office in Manchester last year and more recently in Scotland.
In my view, to access the primary deal flow within a particular region you need to have brand awareness and to drive that you need to have people on the ground attending relevant events and building relationships.
By Puma Investments
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Risk warnings An investment with Puma Investments carries risks, for more information please see below and visit www.pumainvestments.co.uk. Past performance is no indication of future results and share prices and their values can go down as well as up. Minimum returns are not guaranteed. An investment with Puma Investments can be viewed as high risk. Investors’ capital may be at risk and investors may get back less than their original investment. Tax reliefs are not guaranteed, depend on individuals’ personal circumstances and a five-year minimum holding period, and may be subject to change. Investors should take independent tax advice. Some investments should be regarded as illiquid and it may prove difficult for investors to realise immediately or in full the proceeds.
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Stats from dealroom.co, 2024 Greater Manchester Business Board article, September 2024 Scaling Up Scotland report, March 2023 growthplatform.org article, March 2024
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Puma VCT 13 is now open for investment. To find out more, please visit our website or get in touch with our Business Development team.
Notes
Legal Disclaimer Puma Growth Partners is a division of Puma Investment Management Limited. This communication has been prepared by Puma Investment Management Limited for information purposes only and should not be read as advice, it is intended for the recipient only and should not be forwarded on. Puma Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FCA no. 590919). Registered office address: Cassini House, 57 St James’s Street, London, SW1A 1LD. Registered as a private limited company in England and Wales No. 08210180
Scale-ups in action: Aveni case study
PUMA INVESTMENTS
www.pumainvestments.com
businessdevelopment@pumainvestments.co.uk
3. What challenges and opportunities are scale-up companies facing in the current environment? Ben: Scale-up businesses are facing similar challenges across the UK, with transactions taking longer and companies struggling to reach that next stage of growth. However, we have links into the early-stage VC funders so we can help to build a strong pipeline to support companies as they reach their next stage of growth. Within Scotland, historically scale-up companies have found it harder to access funding at a local level and have had to go further afield. In fact, the Scottish National Investment Bank released data last year in partnership with The ScaleUp Institute estimating a funding gap of anywhere between £217 million and £1.5 billion . Once these companies get funding it’s easier to source follow-on rounds but getting over that first hurdle is a challenge. And that’s where we like to operate, helping young businesses that have already established themselves in the market and are now looking to achieve growth. Mark: Focusing on positive initiatives, the British Business Bank’s Northern Powerhouse funds have to date facilitated over £1 billion of direct and private sector co-investment to new and growing businesses across the North of England. This is a huge benefit for early-stage businesses to access this source of funding, to get them to the point where a Series A investor such as ourselves would be interested in investing. In addition, we are seeing the emergence of hubs and programmes that are providing invaluable support to early-stage companies such as Liverpool’s tech accelerator run by Baltic Ventures, founded in Lancashire and Ampere Ventures in Sheffield.
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4. How are you approaching finding great potential deals to invest in? Mark: What I believe really differentiates Puma is our focus on building long-term relationships with management teams who may not necessarily be ready for us to invest today (because they may not have reached that point of maturity) but when they are ready we’ll be on their radar. Building our brand presence in our local regions with the companies themselves, their advisors, their early-stage funders, or their non-executive directors means we’re more likely to be front of mind when they’re seeking investment. Ben: Similarly, in Scotland we’ve spent a significant amount of time building relationships with the broader ecosystem. We have made a concerted effort to raise our profile with scale-up companies, plus the broader network of introducers and investors. We know it will take time to build a strong brand presence which is why we’re taking a long-term approach through recruiting and opening a dedicated office. 5. Can you give us some examples of companies you’ve backed? Mark: Last year, we led the £3.4 million Series A extension round into Chester based specialist cycle and e-mobility insurer, Bikmo to accelerate their European expansion and drive product innovation. The B Corp certified insurer protects over 75,000 riders in the UK, Ireland, Germany, Austria and Belgium and we were really excited to back this growing business. Since our initial investment they have hit some significant milestones including a new partnership with Trek across their retail stores. Ben: This summer we led the £11 million Series A round into Aveni to deliver market-leading generative AI solutions for the UK financial services industry. One of the largest Series A investments into a Scottish business this year, we invested alongside Par Equity, Lloyds Banking Group and Nationwide. The impact that Aveni has made in delivering AI solutions to the financial services sector is already significant and there is a huge opportunity for growth going forwards.
n 30 October, the new Labour government delivered its maiden Budget which set out a sustained increase in taxation, spending and borrowing. According to the Office for Budget Responsibility, tax revenues in the UK are now set to increase to a historic high of 38% of GDP by 2029-30 . But what could this mean for higher-rate taxpayers?
Last month, new Chancellor Rachel Reeves announced that the government will increase taxes by £40 billion annually, making the most substantial tax increases in three decades. The decision follows the Chancellor’s recent revelation of a £22 billion ‘black hole’ in the UK’s finances. Reeves stated “this is the Budget that is needed to wipe the slate clean and to put our public finances on a firm trajectory.” In line with campaign promises, Reeves confirmed that there would be no increase in income tax, National Insurance, or VAT for individual taxpayers. Instead, the largest tax increases will affect businesses and high-income earners. This has included an increase on employer’s National Insurance contributions and an immediate increase in capital gains tax (CGT), with the higher rate rising from 20% to 24%. Furthermore, Reeves confirmed that while the freeze on income tax thresholds will not be extended beyond 2028, it will remain in place until then. This means that more people will pay higher rates of tax as their salary increases and they move into higher tax bands, effectively creating ‘fiscal drag’. From 2028-29, income tax thresholds will be uprated in line with inflation once again.
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By Seb Wallace, Investment Director, Triple Point
Claiming tax relief on earned and unearned income As a reminder for clients, earned income is essentially the income received through salary, wages and bonuses, or money made from self-employment. By contrast, unearned income includes things like investment or rental income. Therefore, clients should be reminded that while a VCT gives them the ability to claim upfront income tax relief, the relief claimed can be applied to all forms of income tax paid, including tax on dividends and rental income. This can be extremely useful in cases where clients own a property portfolio or large share portfolio and, therefore, face a potentially higher income tax bill as a result. How clients claim income tax relief on a VCT investment Once the VCT investment has been made, the client receives two certificates in the post. Their VCT tax certificate allows them to claim income tax relief from HMRC, and their VCT share certificate should be held onto until they choose to sell their VCT shares. Clients should be made aware that there’s a £200,000 maximum VCT subscription limit for claiming income tax relief in a single tax year, which means a maximum of £60,000 income tax relief can be claimed each tax year. However, the amount of income tax relief is directly linked to their income tax liability. In other words, they can’t claim more tax relief than the amount of income tax they owe.
The Government Is set to raise taxes by £40 billion annually
Furthermore, Reeves confirmed that while the freeze on income tax thresholds will not be extended beyond 2028, it will remain in place until then. This means that more people will pay higher rates of tax as their salary increases and they move into higher tax bands, effectively creating ‘fiscal drag’.
Seb Wallace
Investment Director, Triple Point
What can clients do to pay less tax?
If you have higher-rate clients who would like to reduce some of their income tax burdens – whether through their salary, rental income or portfolios of assets – it’s worth suggesting they consider a venture capital trust (VCT). VCTs were introduced in 1995, and over the last three decades, they have helped hundreds of thousands of UK investors to invest in ambitious high-growth companies while also claiming valuable tax reliefs, namely: Income tax relief: Clients can claim up to 30% upfront income tax relief on the amount invested, provided shares are held for at least five years. Tax-free dividends: Any dividends paid by the VCT are tax- free. Tax-free growth: VCT investment returns are free from CGT.
The Triple Point Venture VCT
With more clients likely to have concerns about higher taxes in the months ahead, especially now the October Budget has been delivered, now could be a good time to start discussing tax-efficient investments that give them the opportunity to lower their tax bill. Now in its seventh fundraising year, the Triple Point Venture VCT is open for investment through a new share offer. It gives investors access to a portfolio of 50 ambitious early-stage companies while also claiming up to 30% income tax relief. It could prove to be a really useful way of helping clients invest for the future while also keeping more of their hard-earned income right now.
Find out more about the Triple Point VCT here
Important information
This article is an advertisement for the purposes of the Prospectus Regulation Rules and is not the prospectus. The Triple Point Venture VCT carries all the risks of investment in smaller companies and places investor’s capital at risk. There is no guarantee that target returns will be achieved, and investors may get back less than they invested. Past performance and forecasts are not a reliable indicator of future performance. Tax treatment depends on the individual circumstances of each client and is subject to change. Tax reliefs depend on the VCT maintaining its qualifying status. Investors should only subscribe for shares on the basis of information contained in the Prospectus which is available via the Documents section of the website. This article has been approved by Triple Point Administration LLP, which is authorised and regulated by the Financial Conduct Authority.
1 https://obr.uk/efo/economic-and-fiscal-outlook-october-2024/
www.triplepoint.co.uk contact@triplepoint.co.uk
n 4th July 2024, Sir Keir Starmer’s Labour Party stormed to a much-anticipated landslide election victory that marked the end of 14 years of Conservative Party rule in the UK. During its campaign, Labour outlined its five key missions to rebuild Britain, with the first mission focused on kickstarting economic growth and delivering stability. One way it intends to do this is by helping Britain become a better place to start and grow young businesses. At the same time, Labour also wishes to address the public finances, focussing on its goals and aspirations, and at the end of October held its first long-awaited Budget. Now that the dust has settled, let’s take a look at some of the key things advisers and clients should now bear in mind when considering EIS and VCT investments.
The EIS and VCT sunset clause extended until 2035
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By Peter Steele, Retail Operations Director, Seneca Partners
Last year, the extension of the Enterprise Investment Scheme and Venture Capital Trusts reliefs to shares issued before 6 April 2035 was confirmed, providing long-term visibility for the future of the tax-advantaged sector. This extension came into force in September as a part of the Finance Act 2024. These schemes are relied on by thousands of start-up businesses and entrepreneurs across the country for stimulating investment, driving innovation and creating employment.
Increases to Capital Gains Tax (CGT) rates
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After mounting speculation, the Chancellor has confirmed an increase in the rate of CGT paid by basic-rate taxpayers from 10% to 18% and from 20% to 24% for higher-rate taxpayers, effective from 30th October 2024. The annual Capital Gains allowance remains at £3,000 per person. This could drive investors to seek out tax-efficient investments to mitigate their tax liabilities, in particular EIS and VCTs. Both schemes avoided reform in the recent budget, with both EIS and VCT shares being exempt from CGT to offer tax-free growth. In addition, an EIS investment provides the opportunity to defer payment of CGT on gains made elsewhere. Such deferral is potentially less appealing in certain circumstances, following the Budget. If the payment of CGT is deferred, it will fall back into charge at the prevailing rate when the EIS investment is exited. Therefore, where an investor made a gain made prior to 30th October 2024, deferral may be of little interest unless:
They are currently a higher or additional rate tax payer and anticipate being a basic rate tax payer when the EIS investment exits; or They intend to have a succession of EIS investments, continually re-deferring the gain.
Changes to pensions and Inheritance Tax (IHT)
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From April 2027, undrawn pensions will be included in Inheritance Tax calculations and this announcement is already facilitating some interesting thinking with financial planners. For some suitable investors, drawing funds from their pension to place into EIS or VCT investments could provide a clever tax-planning opportunity to provide Income Tax relief (to offset any Income Tax paid on withdrawals) and, in the case of EIS investment, requalify for some of the Inheritance Tax that would have otherwise been lost (assuming they hold their EIS qualifying shares for at least 2 years and on the date they pass away).
Will changes to Business Relief affect EIS & VCTs?
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EIS investments are eligible for Business Relief and are therefore affected by the changes announced in the Budget. In other words, from 6th April 2026, the following will apply to all assets that qualify for either Business Relief (‘BR’) or Agricultural Property Relief (‘APR’): Will this change affect the appeal of EIS investing? Perhaps, in part, although investors rarely go into an EIS investment solely to obtain Business Relief – there are other Business Relief qualifying investments that perhaps carry less risk – so this shouldn’t really move the dial. VCT investments do not qualify for Business Relief so there is no change there.
Shares listed on the Alternative Investment Market (‘AIM’), and other junior markets which are not designated as recognised stock exchanges (e.g. Aquis), will only obtain relief at 50%, rather than the current 100%. Where the total value of BR & APR qualifying assets in an estate exceeds £1m, only the first £1m will obtain relief at 100% with the balance obtaining relief at 50%.
Pressing on with the day job
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Back in September 2023, Labour commissioned the “Start-up, Scale-up” review after consulting with many individuals and organisations across the early-stage investment ecosystem. They did this with the aim of producing a range of policy recommendations that a future potential Labour government should consider in order to realise its ambitions of “making Britain the high growth, start-up hub of the world”. It was therefore very encouraging to see in Labour’s review specific mention of VCTs, the Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS), and how a Labour Government strongly advocates for these tax-efficient solutions to remain in effect. It also identified several areas where the tax reliefs could be built upon further to ensure investors and firms have the best possible incentives for growth. Further to this, several other key recommendations are made throughout the report on how the Government should look to unlock institutional investment, transform the British Business Bank (BBB), capitalise on university spin-outs, and make public procurement work for start-ups. As ever, the proof will be in the pudding and we still need some finer legislative details to emerge to understand the fuller picture (for example, will the £1m unquoted BR/APR threshold be transferred to a spouse if unused – the current thinking is that it won’t be). What is important is that this Budget has removed a lot of uncertainty that was holding investors back from making certain decisions. Inaction, though, can come at a price. At least we have some clarity available so advisers can press on with the day job – providing clients with meaningful tax-planning solutions, understanding that each’s own tax position will be different, based on their individual circumstances.
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Last year, the extension of the Enterprise Investment Scheme and Venture Capital Trusts reliefs to shares issued before 6 April 2035 was confirmed, providing long-term visibility for the future of the tax-advantaged sector.
PETEr Steele
Retail Operations Director, Seneca Partners
www.senecapartners.co.uk peter.steele@senecapartners.co.uk
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Our dedicated programme includes a variety of in-person and virtually hosted events, across the country. Supporting financial advisers and the tax planning community, we facilitate knowledge building of tax wrappers in a workshop environment. We host webinars and conferences that focus on specific areas of tax and estate planning, celebrating the role of the UK SME investment and finance communities through our annual Growth Investor Awards.
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Our dedicated programme includes a variety of in-person and virtually hosted events, across the country. Supporting financial advisers and the tax planning community, we facilitate knowledge building of tax wrappers in a workshop environment. We host webinars and conferences that focus on specific areas of tax and estate planning and celebrate the role of the UK SME investment and finance communities through our annual Growth Investor Awards.
Our CPD tax planning online accreditation programme is aimed at regulated advisers, wealth managers, paraplanners, accountants and solicitors that require a recognised level of knowledge and understanding in EIS, SEIS, VCT and Business Relief. accreditation.intelligent-partnership.com
Free, award winning series including EIS, VCT and BR offering ongoing observations and intelligence, the latest thoughts and opinions of managers and providers. intelligent-partnership.com/ research-format/publications
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The benefits of a well-diversified portfolio in today's VCT market Backing scale-up companies across the UK VCTs: a powerful way to help clients pay less income tax About Intelligent Partnership
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