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A venture capital trust or VCT is a highly tax efficient UK closed-end collective investment scheme designed to provide private equity capital for small expanding companies and capital gains for investors. VCTs are a form of publicly traded private equity, comparable to business development companies in the United States. VCTs are companies listed on the London Stock Exchange, which invest in other companies which are not themselves listed. First introduced by the Conservative government in the Finance Act, 1995 to encourage investment into new UK businesses, they have proved to be much less risky than originally anticipated. == Tax reliefs == Tax reliefs are different for investors in new shares issued by VCTs and investors who purchase second-hand shares, for example on the stock market. For second-hand shares, the reliefs are *exemption from income tax on dividends on ordinary shares in VCTs *exemption from capital gains tax on disposal of shares in VCTs For new shares, the same reliefs are available, and in addition *income tax relief at the rate of 30% on the amount subscribed for the shares (on or after 6 April 2006). This relief is available on investments up to £200,000 in a tax year (£100,000 before 6 April 2006), if they are held for at least 5 years (3 years for shares issued before 6 April 2006). *for shares issued before 6 April 2004, capital gains tax deferral (that is, tax on the gains on the disposal of other assets within 12 months before or after the investment could be postponed until the VCT shares were disposed of) Compared with the issue price of new shares in VCTs, the price of VCT shares on the stock market (second-hand shares) tends to be lower, reflecting the absence of income tax relief. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Venture capital trust」の詳細全文を読む スポンサード リンク
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