VCT Offers 2026/27: Every Open Offer Compared
Last updated: 9 November 2026. Offer details change weekly during VCT season, so check the latest prospectus and Key Information Document before you apply.
The 2026/27 VCT season is the first since upfront income tax relief fell from 30% to 20%. Most of the big managers are still raising money. This page lists every offer open for the tax year that ends on 5 April 2027, with the numbers you need to compare them side by side.
Capital at risk. VCTs invest in small, early-stage companies. They are high risk and hard to sell, and you can lose some or all of what you put in. This page is information, not a recommendation to buy any VCT. If you’re not sure a VCT suits you, speak to a regulated financial adviser.
The 2026/27 rules in brief
- Income tax relief: 20% of what you invest in new VCT shares, up to £200,000 a tax year (so up to £40,000 off your bill). The relief can’t exceed the income tax you owe that year.
- Holding period: keep the shares for at least five years or HMRC takes the relief back.
- Dividends: tax-free, and you don’t need to declare them.
- Gains: free of Capital Gains Tax when you sell.
- New shares only: VCT shares bought on the stock market get tax-free dividends and gains, but no upfront relief.
Every open VCT offer for 2026/27
Sorted by the next deadline. “Next deadline” is usually the cut-off for an early-bird discount, a dividend entitlement or the next allotment, not the date the offer closes.
| VCT and focus | Target dividend | Net initial charge* | Raised / target | Minimum | Next deadline |
|---|---|---|---|---|---|
| Octopus Future Generations VCT Sustainability, people and healthcare businesses | 5% of NAV | 1% | £3.3m / £10m | £3,000 | 10 Nov 2026 (0.9p dividend, 2% early bird) |
| Baronsmead VCTs Diversified: private and AIM companies | 7% of NAV | 2.5% | £0.65m / £20m | £3,000 | 16 Nov 2026 (limited early bird) |
| Triple Point Venture VCT Early-stage B2B | 5% of NAV | 1.5% | £1.2m / £10m | £5,000 | 20 Nov 2026 (2p dividend, 1% early bird) |
| Northern VCTs Maturing software, healthcare and consumer businesses | 4.5% to 5% of NAV | 3% | £6.56m / £30m | £6,000 | 23 Nov 2026 (first allotment) |
| Octopus Apollo VCT B2B software | 5% of NAV | 0.5% | £1.36m / £50m | £5,000 | 24 Nov 2026 (1.2p dividend, early bird) |
| Hargreave Hale AIM VCT AIM-quoted and unquoted companies | 5% of NAV | 0.5% | £3.7m / £20m | £5,000 | 27 Nov 2026 (2% early bird) |
| Molten Ventures VCT Consumer, enterprise and deep tech; digital health | 5% of NAV | 0.5% | £0.54m / £10m | £6,000 | 30 Nov 2026 (2% early bird) |
| Pembroke VCT Consumer brands, technology and business services | 5p per share | 2% | £2.04m / £40m | £5,000 | 30 Nov 2026 (5.5p dividend, 1% early bird) |
| Blackfinch Spring VCT Tech-enabled UK businesses | 5% of NAV | 1.5% | £0.53m / £20m | £3,000 | 14 Dec 2026 (1% early bird) |
| Albion VCTs Fintech, AI and data, healthtech | 5% of NAV | 3% | £15.6m / £40m | £6,000 | 15 Dec 2026 (first allotment) |
| Calculus VCT Technology, life sciences, entertainment | 5% of NAV | 1% | £10m sought | £5,000 | 16 Dec 2026 (2% early bird) |
| Octopus AIM VCTs Mature AIM companies plus earlier-stage businesses | 6% of NAV | 0.5% | £8.6m / £18m | £5,000 | 16 Dec 2026 (2.5% early bird) |
| Guinness VCT Broad mix of sectors | 5% of NAV | 0% | £0.4m / £10m | £5,000 | 23 Dec 2026 (2% early bird) |
| Puma VCT 13 Scale-ups across sectors | 5p per share | 1% | £0.1m / £50m | £3,000 | 6 Jan 2027 (3.5p dividend, 2% early bird) |
| Puma AIM VCT AIM companies | 5p per share | 1% | Not published | £3,000 | 6 Jan 2027 (2% early bird) |
| Maven Income & Growth VCTs Regional unquoted businesses | 6% of NAV | 1.25% | £1.47m / £20m | £5,000 | 5 Feb 2027 (1.25% early bird) |
| British Smaller Companies VCTs Data, tech-enabled services, new media | Not specified | 2.875% | £10.8m / £40m | £6,000 | Limited early-bird capacity |
| Fuel Ventures VCT Early-stage digital businesses | 4p per share from 2027 | 0% | £1.1m / £10m | £5,000 | 12 Feb 2027 |
Also listed on Hargreaves Lansdown but not above: PXN Growth VCT (northern England growth companies), Oberon AIM VCT and Baronsmead Second Venture Trust.
Not open right now: ProVen VCTs (registering interest), Gresham House (formerly Mobeus) VCTs, Octopus Titan VCT, Puma Alpha VCT, Seneca Growth Capital VCT and Unicorn AIM VCT.
What the cut to 20% relief changes
Put £10,000 into a new VCT this tax year and your income tax bill falls by £2,000, not the £3,000 you’d have saved last year. The investment now costs you £8,000 after relief instead of £7,000.
Three things follow from that:
- Fees matter more. A 3% initial charge on £10,000 is £300, which is 15% of your £2,000 relief. At 30% relief it was 10%. Chasing a 2% early-bird discount is worth more than it used to be.
- The manager matters more. With a smaller tax cushion, the return has to come from the portfolio. Long-term NAV total return is the number to look at (see the checklist below).
- Tax-free dividends are worth more than before. Dividend tax went up in April 2026 to 10.75% for basic-rate and 35.75% for higher-rate taxpayers. A VCT paying 5% on £10,000 hands you £500 a year with no tax to pay. Outside an ISA, a higher-rate taxpayer who has used the £500 dividend allowance would lose £178.75 of the same £500.
Investors haven’t walked away, but they are being more selective. Analysts at MICAP (part of Defaqto) found that offers still open after 5 April raised £51.1m between 6 April and 29 June 2026, up from £42.9m in the same period of 2025. Most of that money went to a handful of established offers, and a RAM Capital survey found 97% of advisers expected VCT demand to fall this year.
There is one offsetting change. From April 2026 the limits on which companies a VCT can back were loosened, so managers can keep investing in their successful companies for longer instead of having to step aside at later funding rounds.
How to compare VCT offers
- Look at total return, not yield. A high dividend can simply be the VCT handing back your own capital. NAV total return (change in net asset value plus dividends paid) over five and ten years tells you whether the manager has actually grown the money. Our analysis of VCT total returns and yields compares the larger trusts.
- Add up every charge. The initial charge is only the start. The Key Information Document shows annual management fees, other running costs and any performance fee. Some VCTs cost well over 3% a year in total.
- Check the buyback policy. VCT shares are hard to sell on the market. Most trusts buy shares back, usually at a discount of around 5% to NAV. Find out what discount they target and whether buybacks have ever been suspended.
- Know what you’re buying. AIM VCTs hold small listed companies and can move with the market. Generalist VCTs hold mostly private companies and are valued less often. Technology-focused VCTs tend to have fewer, bigger winners and more losers.
- Compare the raise to the manager’s capacity. A VCT raising £50m needs enough good deals to invest it within the rules. Ask how much cash it already holds.
- Compare platforms, not just VCTs. The same VCT can cost you different amounts depending on where you apply. On 9 November 2026, Octopus Apollo’s initial charge was 3% through Hargreaves Lansdown and 0.5% through Wealth Club. HL also offered a 0.5% annual rebate on several VCTs against 0.10% at Wealth Club, and it charges up to 0.35% a year to hold them. Work out the five-year cost of each route, not just day one.
- Watch the early-bird and dividend deadlines. Applying before a deadline can cut the fee and get you the next dividend, but only if the VCT already suits you.
How to claim the relief
Once your shares are allotted, the VCT sends you a share certificate and a tax certificate. You can claim the 20% through your Self Assessment return for the tax year in which the shares were issued, or ask HMRC to adjust your tax code. The relief only goes as far as the income tax you actually owe, so a £200,000 subscription only pays off in full if your bill is at least £40,000.
For the other tax rules you’ll need this year, see our guide to the UK Capital Gains Tax allowance for 2026/27. If you’re considering earlier-stage investing too, read how to spot the top-performing SEIS funds.
Sources
- Wealth Club: current VCT offers (charges, raises, minimums and deadlines, 9 November 2026)
- Hargreaves Lansdown: current VCT offers (charges and rebates, 9 November 2026)
- IFA Magazine: VCT fundraising after the tax relief cut (MICAP data and RAM Capital survey)
- GOV.UK: Tax relief for investors using venture capital schemes
Capital at risk. VCTs are high-risk, illiquid investments and you could lose all the money you invest. Tax treatment depends on your circumstances and may change. Past performance is not a guide to future returns. This page provides information, not personal financial or tax advice: read our disclaimer.