During the 2010-2011 tax year VCTs raised £365m (€412m), £21m more than the £344m that was raised in 2009-2010.
The figures released by the Association of Investment Companies (AIC), show the amount raised in the last year is the fourth-highest amount raised since VCTs were launched in 1995.
“The considerable capital raised by VCTs in the last tax year will help VCTs to continue to support smaller UK companies and play their part in establishing the UK as a home of enterprise. The level of investment in VCTs has increased year on year since the financial crisis of 2008, proving that, as the economy recovers, the demand for investment from SMEs grows,” commented Ian Sayers, director-general of AIC.
The most successful year for VCT fundraising was 2005-2006, when £779m was raised.