GLOSSARY

VCT

IN PLAIN ENGLISH

A venture capital trust: a listed company investing in small unlisted UK businesses, with tax reliefs attached.

WHERE YOU MEET IT

Listed VCT shares can be tracked like any share.

WATCH OUT FOR

Shares often trade at wide discounts with few buyers, and reliefs can be clawed back if sold early.

EXPLAINED IN

Private assets, VCTs and EIS — the illiquid end

Educational content only. It is not personal financial advice.