We are the UK’s leading law firm for VCTs, and we have a wealth of experience in advising on EIS and the seed enterprise investment scheme (SEIS).
Investing in early-stage businesses can be rewarding, but also risky. That’s why the government offers tax incentives for investors who support qualifying companies through venture capital trusts (VCTs) and the enterprise investment scheme (EIS).
Our knowledge of the VCT & EIS industry means that we don’t need to spend time getting to grips with the issues and can provide you with commercial, strategic advice from the outset.
VCTs are publicly listed investment funds that invest in small and medium-sized enterprises (SMEs) that meet certain criteria. Investors in VCTs can benefit from income tax relief, tax-free dividends, and capital gains tax exemption.
We have acted as legal advisor/ sponsor on:
+ 75% of all public offer VCTs launched in each of the last 5 years
We currently act as legal advisor/ sponsor for:
8 of the top 10 VCT managers in terms of total VCT funds under management
We are uniquely placed within the market, as we can act as both sponsor and legal adviser, and members of our team hold positions on the Association of Investment Companies' VCT Technical Committee and the board of the EIS Association.
We have taken a considerable number of investment entities to the main market through our wholly owned FCA authorised subsidiary, Howard Kennedy Corporate Services LLP, which has been active in the market place since 1997, listing well over 150 companies. Since 2021, we have advised on VCT fundraisings with a value of over £2bn.
EIS is a scheme that allows investors to invest in startup and SMEs and receive tax relief, capital gains tax deferral and exemption, loss relief, and inheritance tax relief.
We have been advisers on all aspects of the Enterprise Investment Scheme (EIS) since its inception, and Keith Lassman currently holds the position of Deputy Chairman of the EIS Association.
In this time, we have advised on countless fundraisings under the EIS for start-ups (using the SEIS), established EIS fund managers launching discretionary managed EIS fund platforms and secondary EIS fundraisings for established companies.
We are also expert at providing general corporate advice throughout the life cycle of an EIS investment to fund managers or EIS companies, including regulatory compliance help, corporate governance assistance, advice on mergers, acquisitions and disposals and ultimately advising on exits through a trade sale of the EIS business or an IPO on the capital markets.
No matter your needs, we've got you covered. Below is a selection of services we offer to help keep you moving forward.
Acting as lawyer and sponsor to Octopus Titan VCT's record 2018 VCT fund raise of £200m becoming the first VCT to have £1bn AUM.
Acting as lawyer and sponsor to the ProVen VCT and ProVen Growth VCT 2018/19 £80m fund raise.
Acting as lawyer and sponsor to the Hargreave HaleAIM VCT 2018/19 £30m fund raise.
Acting as sponsor to the 6 Albion Capital managed VCTs 2018/19 £48m fund raise.
Acting as sponsor to the 3 NVM managed VCTs 2018/19 share offer.
Acting as lawyer and sponsor to the £55m merger of Maven Income and Growth VCT 2 and Maven Income and Growth VCT 4.
Advising Edition Capital on the establishment of its EIS Qualifying evergreen discretionary portfolio management service.
Working closely with you, we'll find the best way to get you quickly and easily from where you are to where you want to be.
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