VCT Offers now open
The four Maven VCTs have launched new share Offers. Investors can subscribe for one or more of the VCTs, and for one or both of tax years 2023/24 and 2024/25.
Important Information regarding investing in VCTs.
Taxation rules and legislation may be subject to change. The value of tax relief depends on personal circumstances.
Past performance of Maven VCTs is not an indication of future performance. The price of VCT shares can fall and rise in value and may be difficult to sell.
Maven VCTs invest in smaller, early stage companies, which can be difficult to value and dispose of.
Maven VCTs aim to pay regular dividends to shareholders but these are not guaranteed.
Maven VCTs are intended for UK taxpayers aged 18 or over with an investment horizon of five or more years and who are able to bear up to 100% capital loss and with a medium to high risk tolerance. Investors in Maven VCTs will generally be informed investors with either experience in investing in VCTs or with a knowledge and understanding of the risks involved. If you are unsure about the risks of investing in VCTs you should always seek the advice of a regulated financial adviser.
Tax efficient investment in a Maven VCT
We are pleased to announce that the Maven VCTs have launched new share Offers to raise up to £30 million. Investors have the opportunity to subscribe for new shares in each of the Maven VCTs, which back some of the most ambitious, growth focused smaller companies in the UK, and benefit from a range of attractive tax reliefs.
VCTs are intended for UK taxpayers aged 18 or over with an investment horizon of five or more years and who are able to bear up to 100% capital loss and with a medium to high risk tolerance. Investors in the VCT will generally be informed investors with either experience in investing in VCTs or with a knowledge and understanding of the risks involved.
About the Offers
Established VCTs, with a long term record of positive shareholder returns.
fundraise, including £10 million aggregate over-allotment facilities.
amount raised to date (25 February 2024).
Target annual dividend yield (% of NAV per share).
Private and AIM quoted holdings in companies selected for their high growth potential.
initial tax relief, as well as tax free dividends and exemption from capital gains tax.
*The payment of dividends is not guaranteed.
**New VCT shares must be held for a minimum of five years in order to retain the initial income tax relief. Tax reliefs available are dependent on the investor's individual circumstances.
Manager with a proven track record
Invest with one of the best resourced and most active managers in the VCT industry, and one of the few managers able to operate a private company focused investment approach alongside selected investment in AIM in order to maximise diversification.
Established and highly diversified portfolios
Shareholder returns and dividends
The Maven VCTs have a long term track record of paying dividends and delivering improvements in NAV Total Return, as well as a target annual dividend of 5% of the NAV per share (at the preceding year end).
Attractive tax reliefs
A range of tax benefits, including income tax relief of up to 30% of the amount invested, tax free dividends and exemption from capital gains tax on the disposal of VCT shares.
Bill Nixon, Managing Partner at Maven, talks about the new offers from the Maven VCTs.
Maven VCT 1
Maven VCT 3
Maven VCT 4
Maven VCT 5
Average tax free annual dividend per Share over past five full financial years
Annual yield (before taking account of initial income tax relief available under the offers)
As at 13 October 2023
Invest in a portfolio of ambitious smaller companies
Investors should read the Securities Note in full before applying and any decision to invest should be made on the detail held within this document. Maven has also created an Investor Brochure providing a bitesize introduction to the Offers.
The other supplementary documentation available may be of use to existing Shareholders, new VCT investors, and advisers when considering an investment in a Maven VCT.
How to invest
Apply online, or by emailing or posting an application to the receiving agent, City Partnership.
Submit your application online through the application portal operated by City Partnership:
Apply by Email
Submit a scanned paper application to the following City Partnership email address: firstname.lastname@example.org
Apply by Post
Post a completed application form to:
Maven VCT Offers
The City Partnership (UK) Ltd
The Mending Rooms
Park Valley Mills
Huddersfield HD4 7BH
Submitting your application and funds
An application cannot be accepted until cleared funds are received, so funds should be submitted at the same time as the application (allowing time for a cheque to clear by any relevant deadline). Where possible payment should be by bank transfer rather than cheque, as an application cannot be accepted if cleared funds have not been received by City Partnership when an Offer closes or an application deadline applies. See the Application Notes and Instructions.
For an enquiry about the completion of an online or paper Application Form, you should contact the Receiving Agent, City Partnership, at email@example.com or 01484 240 910 (lines open 09.00 to 17.30, Monday to Friday, excluding public holidays).
If you have an enquiry about Applications and payments already submitted, you should refer to the acknowledgement email or letter sent by City Partnership (for emails also check spam or junk folders), which provides a link to City’s online tracking service where you can view the latest processing and acceptance status of the application and view/download a PDF copy. City cannot provide other updates about the receipt or status of Applications.
There will be one or more allotments by each Maven VCT in each tax year, which will be on dates that allow each Maven VCT and the Manager to optimise the deployment of funds raised and ensure that VCT qualifying status is maintained. Allotments will be announced through a Regulatory Information Service.
For 2023/24 Applications:
Shares will be allotted on one or more dates, on or before 5 April 2024, to be determined by the Directors.
The first allotments for Maven VCTs 3 and 5 took place on 19 December 2023, with a further allotment on 8 February 2024.
The first allotments for Maven VCTs 1 and 4 took place on 17 January 2024, with a further allotment on 8 February 2024.
Further allotments will take place on one or more dates, on or before 5 April 2024, to be determined by the Directors.
For 2024/25 Applications:
Shares will be allotted after 5 April 2024 and on or before 1 May 2024 (and/or any other date determined by the Directors prior to the close of the relevant Offer).
See Securities Note for further detail.
Following each allotment, the Receiving Agent and Registrar, City Partnership, will issue the following information and certificates in relation to each VCT you apply to:
An income tax relief certificate will be issued by email from City Partnership to the applicant (and their financial intermediary), within three Business Days of the allotment. The email will provide a link to City’s online tracking service where a summary of allotment details and the ITRC can be downloaded. If an email address has not been provided on the application form, a hard copy tax certificate will be posted within ten Business Days of the allotment.
The Registrar, City Partnership, will issue a share certificate by post within ten Business Days of each allotment (or CREST accounts will be credited within ten Business Days). Therefore, Shareholders should expect to receive share certificates within 14 Business Days following an allotment.
Information for Financial adviser and brokers
Financial intermediaries looking for more information about the Offers, can contact LightTower Partners (which distributes the Maven Offers in the adviser market and specialises in tax efficient products and investment opportunities), at firstname.lastname@example.org or 020 7071 3920.