Will 2026 see the final denouement and elimination of all VCTs by HM Treasury?

HM Treasury's "Call for Evidence" is open until 28 February. 

https://assets.publishing.service.gov.uk/media/69317e5ecdec734f4dff424f/Tax_Entrepreneurship_CfE.pdf 

It really is time to stop-the-rot of FCA Authorised Investment Managers ripping-off the whole of society.

 Albion VCTs in the High Court in March and October

Octopus Titan VCT first High Court hearing April 

But where does one even start with the Gresham House VCTs and their truly abysmal investment performance (share price nearly 50% lower in last 5 years) after including annual fees running at least 5 times the fees allowed on their other non-VCT funds which account for >25% of all monies. What a rip-off.

The just published accounts really do prove the existence of the PONZI scheme/scam and that VCTs exist solely for Fees,Fees,Fees and new monies raised mainly to rip-off HMRC for a tiny few of the ultra-rich "rolliing-over" their investments every 5 years as shown in the WealthClub publicity. 

https://greshamhouse.com/wp-content/uploads/2025/12/BVT-Annual-Report-30-September-2025.pdf and

https://greshamhouse.com/wp-content/uploads/2025/12/BSVT-Annual-Report-30-September-2025.pdf


The 2 Baronsmead VCTs have absolutely identical investment portfolios - see pages 99-102 and 100-103 of the above pdf URLs. The 2 GH "Income & Growth" VCTs accounts and prospectus due out in the next few days will show the same thing if 2024 is any guide.


How on earth Gresham House can market these VCTs as 
"support for entrepreneurs" when 50% is invested in normal Investment Trusts beats me. 

And how they can justify annual fund raising except for their own and other lawyers and accountants fees, and outright tax-avoidance, truly beggars belief. 

There is simply no justification for new money other than facilitating the "roundabout" which is as close to "tax evasion" as it's possible to get in LSE Listed companies.



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