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VCT (Venture Capital Trust)

A listed fund that invests in qualifying small UK companies and passes tax relief to its own shareholders: 30% income tax relief on up to £200,000 a year, tax-free dividends, and no capital gains tax, provided the shares are held five years. A retail route into venture that funds a good share of UK Series A and B rounds, with rules that constrain what the trust may buy.

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