How to invest in a VCT
As VCTs are classified as a Complex Product you must complete the complex products appropriateness test.
If you have not completed this form before it can be found when you Login to your investment account. Please navigate to the Account Admin tab. You will find the form under the section Account Details. The form is called “Add the ability to trade complex products”. On successful completion we will be able to process your application. The form only needs to be completed once.
Please follow the instructions on the application form of your chosen VCT and post to this address enclosing a cheque for the amount you wish to subscribe:Interactive Investor Trading LtdSettlement & Custody Department
2 West Regent St
Please write your Interactive Investor Clients Reference number at the top of your application form.
In order to receive the tax benefits that VCTs can offer the application must be in your own named account.
We charge a flat fee of £ 30 per application - please provide a cheque made payable to Interactive Investor or ensure there are sufficient funds in your Trading account. If no cheque is received or there are insufficient funds available to cover our fee the application process may be delayed resulting in the application not being within the required timescales.
Your application must be received by us 3 working days prior to the VCT application closing date. This includes any early bird offer specified dates.
On receipt of your share certificate from the VCT registrar you must then complete and send us a signed ‘Change of Agency Request' and 'Crest Transfer' form which can both be found under the tab ‘Account Admin’ > 'Transfers'. The Change of Agency Form has its own reference with the Crest Transfer from being found under the "deposit your paper share certificates". Please post the forms to the address above.
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Apply for an investment account. This should take less than five minutes.
Set up your secure pin details and you should then be able to access your new account straight away and follow the process for Existing Clients above.
Transferring your VCT holdings in is easy:
1) Log in to your Interactive Investor Sharedealing account
2) Complete the ‘Transfer your shares from another Stockbroker’ form found under ‘Transfers’ in the Account Admin section
3) Please return your form by post to: Transfer Team, Interactive Investor, 2 West Regent St, Glasgow, G2 1RW
Transfers can typically take 4-6 weeks to complete
Any investments in VCTs should be viewed as a high risk and long-term commitment. (i.e. five years for VCT schemes, but plan for a longer time-frame). Due to the nature of the underlying assets these schemes are highly illiquid. Investors must be aware they may have difficulty or be unable to realise their shares at levels close to that which reflect the value of the underlying assets. The risk reward ratio of investing in smaller companies is inflated as the risk of failure is higher. Tax incentives available to investors exist in order to attract investment into an asset class that warrants high risk categorisation, but are subject to tax law and HMRC practice, both of which can change. These are complex products and are only suitable for sophisticated investors. Please ensure you understand the risks involved. If you are unsure about the suitability of any investment please seek financial advice.
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