For Professional Financial Advisers Only

Tax-efficient investments for discerning clients

RAM Capital is the UK's largest independent promoter of VCTs, EISs and SEISs — giving financial advisers access to a carefully curated range of tax-efficient investment solutions since 2007.

RAM CAPITAL AT A GLANCE

£2.6bn
Raised through financial advisers
200
Independent offers successfully promoted
19yrs
Supporting professional advisers
82%
Average of maximum funds raised per offer
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Important: This website is directed at professional financial advisers only and should not be distributed to, or relied upon by, private investors or retail clients. Investors' capital is at risk. Tax reliefs are subject to change and their value depends on individual circumstances.

Tax-efficient investment solutions

A carefully selected range of EIS, SEIS and VCT products from established fund managers. Full literature, third-party research and product governance documents are provided for each, so you can carry out your own assessment.

Getting documents: Click any open offer to download instantly — or — tick the boxes to have a bundle emailed to you
Baronsmead VCTs prospectus cover
VCT● Closed
Gresham House
Baronsmead VCTs
 

The Baronsmead VCTs are among the limited number of VCTs adopting a 'hybrid' strategy, investing in high-growth unquoted, AIM-listed, and other publicly traded companies. Their portfolios are aligned, with both VCTs co-investing alongside one another.

StructureAnnual Fundraise
StageEarly stage & growth
SectorsTechnology, Healthcare, Consumer
British Smaller Companies VCTs prospectus cover
VCT● Closed
YFM Equity Partners
British Smaller Companies VCTs
 

The British Smaller Companies VCTs (together the BSC VCTs) play a meaningful role in supporting the development of ambitious, early-stage businesses right across the UK, from YFM's five regional offices.

StructureAnnual Fundraise
StageEarly stage & growth
SectorsSoftware, Cloud, Media, Business Services
Molten Ventures KI EIS 2025–26 document cover
KI EIS● Opening late 2026
Encore Ventures LLP
Molten Ventures Approved KI EIS 2026–27
Expected to launch late November / early December 2026 — literature shown is the 2025–26 edition until then.

Molten Ventures EIS backs visionary founders building the next generation of high-growth tech businesses. Managed by Encore Ventures LLP, the Fund draws on the strength of the wider Molten Ventures platform—gaining access to top-tier deal flow, deep sector expertise, and hands-on support.

StructureAnnual Closes
StageSeries A & beyond
SectorsEnterprise & SaaS, Consumer, Digital Health, and Hardware & Deep Tech
Molten Ventures EIS document cover
EIS● Open
Encore Ventures LLP
Molten Ventures EIS
 

Molten Ventures EIS backs visionary founders building the next generation of high-growth tech businesses. Managed by Encore Ventures LLP, the Fund draws on the strength of the wider Molten Ventures platform—gaining access to top-tier deal flow, deep sector expertise, and hands-on support.

StructureQuarterly Closes
StageSeries A & beyond
SectorsEnterprise & SaaS, Consumer, Digital Health, and Hardware & Deep Tech
Molten Ventures VCT prospectus cover
VCT● Closed
Elderstreet Investments Limited
Molten Ventures VCT
 

Molten Ventures VCT plc is a long-established and successful venture capital trust, managed by Elderstreet Investments—one of the UK's most experienced VCT managers. Focused on high-growth, knowledge-intensive technology businesses, the VCT offers investors access to a strong, diversified portfolio alongside the potential for tax-free dividends and other VCT tax benefits.

StructureAnnual Fundraise
StageSeries A & beyond
SectorsEnterprise & SaaS, Consumer, Digital Health, and Hardware & Deep Tech
Pembroke VCT prospectus cover
VCT● Closed
Pembroke Investment Managers
Pembroke VCT
 

Growth-stage VCT backing ambitious founders in consumer brands, lifestyle, food & beverage, wellness and digital businesses across the UK.

StructureAnnual Fundraise
StageGrowth stage
SectorsConsumer, Technology & Business Services
SFC Angel Fund SEIS 2026/27 document cover
SEIS● Open
SFC Capital
SFC Angel Fund SEIS 2026/27
 

Startups across a broad range of sectors at the forefront of the innovation economy, particularly focusing on areas like ClimateTech, HealthTech, DeepTech, and B2B Software for their high-value potential.

StructureQuarterly Closes
StagePre-seed / Seed
SectorsClimateTech, HealthTech, DeepTech, B2B
Documents & Marketing Material
Tick the documents above you'd like, add your email, and we'll send you the links.

For more information on this product, speak directly to the RAM Capital team.

Office Hours
Mon–Fri, 9am–5pm
Address
Mappin House
4 Winsley Street
London
W1W 8HF
Send an Enquiry

The UK's leading independent tax-efficient promoter

For nearly two decades, RAM Capital has been the trusted distribution partner for financial advisers seeking quality VCT, EIS and SEIS investment solutions.

Founded by Lenny Norstrand in 2007, RAM Capital Partners LLP was established with a singular purpose: to give professional financial advisers access to the best tax-efficient investment opportunities in the UK market.

We do not give investment or tax advice. What we do is bring rigorous product selection, deep sector knowledge, and 19 years of relationships in the VCT and EIS market to bear on behalf of the advisers we work with.

As of April 2026, RAM Capital had raised approaching £2.6 billion through 200 independent offers, achieving on average 82% of maximum funds sought.

Curated product selection

We work with a focused range of established fund managers — not a directory. Every product on our platform is one we know well.

Adviser-first relationship

Our entire model is built around the professional adviser. We provide the information, introductions, and support you need.

19 years, £2.6bn raised

200 offers, averaging 82% of maximum funds sought — built on consistent quality of product and depth of adviser relationships.

Experienced specialists, directly accessible

Our small, senior team has decades of experience in tax-efficient investing. You will always deal with a principal — never passed to a junior or a call centre.

Lenny Norstrand
Lenny Norstrand
Founding Partner

Lenny has a Masters Degree in Corporate and International Finance from Durham University. He has 31 years experience in the City, (promoting VCTs since 1999) having started his financial career as an institutional broker at Société Generale in 1994. Later he worked as a Manager at Noble & Company in their Corporate Finance Division. In 2002 Lenny was appointed Divisional Director of Corporate Finance at Brewin Dolphin Securities where his main role was to establish and head the Brewin Dolphin Tax Solutions team. Lenny founded RAM Capital Partners LLP in 2007.

Brewin DolphinNoble & CoSociété Générale
Matt Brown
Matthew Brown
Partner

Matt has worked in the City since 1982 and has been promoting VCTs since they were born in 1996. Matt began life in finance with Medical Sickness, Prudential and Guinness Flight, ran his own IFA practice before becoming Marketing Manager with Downing promoting VCTs and EISs. Matt was Head of Intermediary Sales at Close Investments before becoming a partner at RAM in 2007. Matt is a Fellow of the Chartered Institute for Securities & Investment.
 
 

Close BrosDowningGuinness Flight
Jane Eva
Jane Eva
Operations & Client Services

Jane graduated from the College of St Paul and St Mary in Cheltenham with a B.Ed. degree in Physical Education. She taught PE before retraining to become a primary school teacher at Homerton College in Cambridge. She then taught for many years in a local preparatory school in Chelmsford. Whilst bringing up her family she also worked in the family sportswear business. Having always wanted to work in London, and seeking a career change, Jane joined RAM Capital Partners as PA in 2014.
 
 

Client ServicesOperations

Ready to discuss our current offers?

Whether you are researching the market for the first time or looking to place a specific client allocation, Lenny or Matt are available to talk you through our current offers, answer questions on any product, or arrange a direct introduction to the fund managers.

Useful links & reference tools

Independent research, industry bodies, and fund manager websites to support your due diligence.

Tax EfficientReview
Tax Efficient Review

Tax Efficient Review (TER) has, for over 20 years, reviewed the tax efficient investment market for UK based independent financial advisers. Everything we do is directed to help the financial advisers who come to us for independent, impartial comment and research on this complex area of the UK investment market.

MICAPfrom defaqto
MICAP

Through the MICAP Fund Finder you can access current data, investment documents and MICAP Reviews on hundreds of tax-advantaged investments. Its easy-to-use research and due diligence tool will enable you to quickly and efficiently search, filter and compare the "whole-of-market" to find offers meeting your precise requirements.

VCTA

The VCTA is the industry body representing fourteen of the largest venture capital trust managers in the UK.

Our members make up more than 90% of the VCT industry, with £6.5bn funds under management invested through an extensive regional network of local offices across the UK.

EISA

The EIS Association supports, engages and empowers entrepreneurs, advisers and investors across the UK using the EIS and SEIS.

We are the not-for-profit trade body for the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS).

AIC

The Association of Investment Companies (AIC) was founded in 1932 to represent investment trusts – the oldest form of collective investment. Today, the AIC represents a broad range of investment companies, investment trusts, VCTs and other closed-ended funds.

Direct links to the websites of our current fund manager partners.

News & Industry Insight

Latest news

Industry commentary, fund manager updates, portfolio company news, and policy developments shaping the UK's tax-advantaged investment landscape.

MoltenMolten Ventures · Aug 2026

Team Spotlight — Meet Inga Deakin, Partner

Read more
SFCSFC Capital
How SFC structures its SEIS funds through the tax year
Aug 2026Read more →
VCTIFA Magazine
VCT fundraising after the tax relief cut: how has the 2026/27 season started?
Jul 2026Read more →
MoltenMolten Ventures VCT
Molten Ventures VCT — final results for the year ended 31 March 2026
Jun 2026Read more →
EIS / SEISIFA Magazine
EIS, IHT and adviser opportunities in the new tax year
May 2026Read more →
IndustryHMRC
EIS & SEIS statistics 2026: £1.58bn invested through EIS, £276m through SEIS
May 2026Read more →
PembrokeWealth Club
A look under the bonnet at Pembroke VCT's portfolio
Apr 2026Read more →
MoltenBusiness TV
Business TV interviews Lucy Collins from Molten Ventures — EIS Investing Explained: Strategic Investing & Tax Planning for Company Directors
Mar 2026Read more →
IndustryVCTA
VCTA responds to Government Consultation on tax support for UK entrepreneurs
Mar 2026Read more →
YFMYFM Equity Partners
AI in software development: Insights from the YFM portfolio
Mar 2026Read more →
PembrokeTrustnet
Two top trust picks for tax-savvy investors before the April deadline — a thumbs up for Pembroke VCT
Feb 2026Read more →
IndustryVCTA
VCTA — Our Industry
Feb 2026Read more →
VCTWealth Club
Could this be the best year to invest in VCTs? 30% tax relief, tax-free dividends, potentially more mature and proven companies
Feb 2026Read more →
IndustryMoneyWeek
An experienced investor's end of tax year checklist
Feb 2026Read more →
VCTAIC
AIC calls for immediate reinstatement of 30% income tax relief
Jan 2026Read more →
VCTMoneyWeek
Should investors join the rush for VCTs
Jan 2026Read more →
EIS / SEISIFA Magazine
Pensions and Inheritance Tax from April 2027: Why more investors are considering SEIS
Jan 2026Read more →
VCTIFA Magazine
VCTs, innovation and the road ahead — VCTA Chair, Chris Lewis
Jan 2026Read more →
VCTIFA Magazine
VCTs after the Budget — Managers explain what tax changes mean for investors
Dec 2025Read more →
VCTIFA Magazine
VCTA's Chair reflects on Autumn Budget and increasing interest in VCTs from advisers
Dec 2025Read more →
IndustryPhilip Hare & Associates
Philip Hare & Associates: Autumn Budget 2025
Nov 2025Read more →
VCTVCTA
VCTA releases a statement on the outcomes of the Autumn Budget
Nov 2025Read more →
MoltenMolten Ventures
Powering Biopharma's Digital Backbone — Molten backs PolyModels Hub £7m Series A
Nov 2025Read more →
VCTMoneyWeek
Venture capital trusts that offer growth, income and tax relief
Nov 2025Read more →
PortfolioWealth Club
New profitable exit for British Smaller Companies VCTs: Elucidat, e-learning technology used by global enterprises
Nov 2025Read more →
PembrokeYouTube
Pembroke portfolio company Secret Food Tours discuss their recipe for rapid growth
Oct 2025Read more →
YFMYFM Equity Partners
YFM exits Elucidat following sale of Learning Pool
Oct 2025Read more →
Gresham HouseGresham House Ventures
Gresham House Ventures leads £5m round in e-commerce innovator Patchworks
Oct 2025Read more →
YFMYFM Equity Partners
YFM Equity Partners continue to support Fuuse in a £6m follow-on investment
Oct 2025Read more →
VCTVCTA
The Changing Faces of VCTs
Oct 2025Read more →
PembrokeFinancial Times
Pembroke VCT-backed Auddy become the first specialist podcast provider to partner with the London Stock Exchange's Marketplace platform
Oct 2025Read more →
For Professional Financial Advisers Only

Adviser Fund Centre

A centralised resource hub for all current RAM Capital products — reports, factsheets, NAV histories, dividend records and portfolio data, sourced directly from fund managers.

Molten Ventures Approved KI EIS 26/27
Expected to launch late November / early December 2026 — documents below are the 2025–26 edition until the new fund opens.
Encore Ventures LLP (Molten Ventures plc group)
EIS Opening Late 2026
Estimated to open for applications late 2026
Download or request these documents

Click the icon beside any document to download it straight away — or tick the boxes beside the items you need. You can tick documents across as many products as you like; selections are gathered in the request bar at the foot of the page.

Molten Ventures Approved KI EIS 25/26 cover
Molten Ventures EIS
Encore Ventures LLP (Molten Ventures plc group)
EIS Evergreen Apply online →
Download or request these documents

Click the icon beside any document to download it straight away — or tick the boxes beside the items you need. You can tick documents across as many products as you like; selections are gathered in the request bar at the foot of the page.

Molten Ventures EIS cover
SFC Angel Fund SEIS 2026/27
SFC Capital Partners Ltd · FCA no. 736284
SEIS Offer Open Adviser portal →
Download or request these documents

Click the icon beside any document to download it straight away — or tick the boxes beside the items you need. You can tick documents across as many products as you like; selections are gathered in the request bar at the foot of the page.

SFC Angel Fund SEIS 2026/27 cover
Baronsmead VCTs — BVT & BSVT
BVT — Baronsmead Venture Trust · BSVT — Baronsmead Second Venture Trust
Gresham House Asset Management Ltd · LSE listed
VCT Offer Closed Register interest →
Download or request these documents

Click the icon beside any document to download it straight away — or tick the boxes beside the items you need. You can tick documents across as many products as you like; selections are gathered in the request bar at the foot of the page.

Baronsmead VCTs — BVT & BSVT cover
Dividends Paid per Year
YearBVTBSVT
20263.50p4.00p
20253.75p4.00p
20244.25p4.00p
20234.50p5.25p
20226.50p6.50p
20216.50p6.50p
20206.50p6.50p
20197.50p7.50p
20186.50p7.50p
20173.00p3.00p
201615.00p17.00p

Total dividends paid in each calendar year (pence per share).

Portfolio by Sector
As at 31 December 2025
Technology66%
Healthcare & education18%
Business services8%
Consumer markets8%

Combined Baronsmead portfolio; BVT and BSVT hold substantially the same companies.

Top 10 Holdings
BVT · by % of NAV · as at 31 March 2026
  1. Cerillion plc (A)7.4%
  2. Netcall plc (A)5.0%
  3. Patchworks Integration Ltd (U)4.4%
  4. Airfinity Ltd (U)3.0%
  5. Property Franchise Group plc (A)2.6%
  6. SecureCloud+ Ltd (U)1.8%
  7. Popsa Holdings Ltd (U)1.6%
  8. Fu3e Ltd (U)1.6%
  9. Diaceutics plc (A)1.4%
  10. Scurri Web Services Ltd (U)1.3%

BVT and BSVT co-invest in substantially the same portfolio; weightings differ slightly.
(U) unquoted · (A) AIM-quoted

British Smaller Companies VCTs — BSC VCT & BSC VCT 2
YFM Equity Partners · LSE listed
VCT Offer Closed
Download or request these documents

Click the icon beside any document to download it straight away — or tick the boxes beside the items you need. You can tick documents across as many products as you like; selections are gathered in the request bar at the foot of the page.

British Smaller Companies VCTs — BSC VCT & BSC VCT 2 cover
Dividends Paid per Year
YearBSC VCTBSC VCT 2
20261.50p
20255.25p4.00p
20244.00p3.00p
20238.50p5.25p
20226.00p3.00p
20217.00p8.00p
20206.00p3.50p
201911.00p8.00p
20184.00p3.00p
201722.25p3.00p
20168.50p4.50p

Total dividends paid in each calendar year (pence per share).

Portfolio by Sector
As at 31 December 2025
Application Software37%
Tech-enabled Services20%
Data19%
Cloud & DevOps14%
Retail & Brands4%
New Media3%
Business Services2%
Adv. Manufacturing / Other1%

BSC VCT and BSC VCT 2 hold substantially the same companies.

Top 10 Holdings
BSC VCT 2 · by % of NAV · as at 31 March 2026
  1. Matillion9.0%
  2. Unbiased5.9%
  3. Xapien5.6%
  4. Summize5.0%
  5. Vypr4.3%
  6. AutomatePro3.0%
  7. DrDoctor2.3%
  8. Plandek2.1%
  9. Workbuzz1.9%
  10. Outpost VFX1.9%

BSC VCT and BSC VCT 2 co-invest in substantially the same portfolio; weightings differ slightly.

Molten Ventures VCT
Elderstreet Investments Ltd · LSE listed
VCT Closed
Download or request these documents

Click the icon beside any document to download it straight away — or tick the boxes beside the items you need. You can tick documents across as many products as you like; selections are gathered in the request bar at the foot of the page.

Molten Ventures VCT cover
Dividends Paid per Year
YearTotal paid
20262.10p
20252.15p
20242.50p
20231.50p
20224.60p
20212.50p
20203.00p
20193.00p
20181.50p
20173.00p
20165.00p

Total dividends paid in each calendar year (pence per share). Target annual dividend: ~5% of NAV.

Portfolio by Sector
As at 31 March 2026
Enterprise technology35%
Deeptech & hardware23%
Cash & other assets20%
Legacy investments11%
Digital health8%
Consumer technology3%

Full portfolio → Molten investor hub ↗

Top 10 Holdings
By % of NAV · as at 31 March 2026
  1. Riverlane Limited10.4%
  2. Form3 UK Limited7.0%
  3. Fords Packaging Topco Limited6.7%
  4. Thought Machine Group Limited5.8%
  5. Expanding Circle Limited4.7%
  6. Global Satellite Vu Limited4.2%
  7. Focal Point Positioning Limited4.0%
  8. BInalyze OÜ3.7%
  9. Melio Healthcare Limited3.1%
  10. Pulsar plc2.9%
Pembroke VCT
Pembroke Investment Managers LLP · LSE listed
VCT Offer Closed Register interest →
Download or request these documents

Click the icon beside any document to download it straight away — or tick the boxes beside the items you need. You can tick documents across as many products as you like; selections are gathered in the request bar at the foot of the page.

Pembroke VCT cover
Dividends Paid per Year
YearTotal paid
20263.50p
20253.00p
20244.00p
20235.00p
20225.00p
202111.00p
20203.00p
20193.00p
20183.00p
20173.00p
20162.00p

Total dividends paid in each calendar year (pence per share). Target annual dividend: 5p (variable), plus specials on exits.

Portfolio by Sector
As at 31 March 2026
Technology34%
Business services24%
Consumer22%
Other net assets20%

Total net assets £286.2m. Other net assets includes cash & equivalents of £56.6m.

Top 10 Holdings
By % of NAV · as at 31 March 2026
  1. LYMA (T)13.4%
  2. Popsa (T)7.9%
  3. Coat (T)5.5%
  4. SeatFrog (B)3.6%
  5. Five Guys (C)3.3%
  6. Secret Food Tours (C)3.1%
  7. Credentially (B)2.7%
  8. Serve First (B)2.6%
  9. Troubadour (C)2.5%
  10. Hackney Gelato (C)2.1%

(T) Technology · (C) Consumer · (B) Business services

Short explainers on how VCT, EIS and SEIS investments work — useful background for you or your clients, and structured CPD for your own development record. Each runs between seven and sixteen minutes: watch a video and answer a few short questions to check your knowledge, and you can download a dated CPD certificate for your files.

RAM Capital Partners · Adviser insight

Insights

Plain, practical guidance on VCT, EIS and SEIS for financial advisers — the tax rules, the differences, and how to put them to work.

VCT income tax relief is now 20%: what the 2026 change means for advisers

From 6 April 2026, upfront relief on new VCT shares fell from 30% to 20%. Here's a plain briefing on what moved, what didn't, and how to frame it with clients.

2026/27 update

From 6 April 2026, the upfront income tax relief on newly issued Venture Capital Trust (VCT) shares reduced from 30% to 20%. For advisers recommending VCTs, it's a meaningful change to the numbers — but, importantly, it changes far less than it might first appear. Here's a clear briefing on what moved, what didn't, and how to frame it with clients.

What changed

The headline income tax relief on new VCT subscriptions is now 20% of the amount invested, down from 30%. On a £50,000 subscription, that's £10,000 of relief rather than £15,000 — so the effective net cost rises from £35,000 to £40,000. As before, the relief can only be set against an income tax liability at least equal to it, and the shares must be held for the minimum period to keep it.

What stayed exactly the same

This is the part worth emphasising in client conversations, because the rest of the VCT proposition is unchanged:

FeatureStill applies
Annual investment limitUp to £200,000 per tax year qualifies for relief
Minimum holding period5 years to retain the income tax relief
DividendsTax-free (on holdings within the £200,000 limit)
GrowthFree of capital gains tax on disposal of the shares

So the tax-free income and tax-free growth that make VCTs attractive for higher earners — particularly those who have used their pension annual allowance — are all intact. Only the upfront relief has moved.

Worked example. A client invests £50,000 in a new VCT offer. Income tax relief at 20% is £10,000, so the effective net cost is £40,000. If the VCT pays a 5%-of-NAV dividend, that's roughly £2,500 a year, tax-free — an effective yield of about 6.3% measured against the net cost. (Illustration only; dividends are not guaranteed.)

What it means for advice

The lower relief nudges the suitability maths, so it's worth revisiting how you frame VCTs:

The income story matters more than ever. With less upfront relief, the tax-free dividend stream does more of the heavy lifting in the case for a VCT. For income-focused clients that's often still compelling; for those who were primarily chasing the 30% "discount," expectations may need resetting.

Position VCTs within the wider toolkit. EIS still offers 30% income tax relief and SEIS 50%, alongside their own reliefs — so where a client's objectives allow, the relative attractiveness of EIS/SEIS on the upfront relief has widened. VCTs remain distinct for their tax-free income and greater diversification.

Existing holdings are unaffected. The change applies to new shares issued from 6 April 2026 — relief already claimed on earlier subscriptions is not disturbed.

Frequently asked

Does the 20% rate affect VCT shares my client already holds?

No. It applies to newly issued shares subscribed for from 6 April 2026 onwards. Relief on earlier subscriptions is unaffected.

Are VCT dividends still tax-free?

Yes — dividends on holdings within the £200,000 annual limit remain free of income tax, and they are not guaranteed but paid at the trust's discretion.

Has the holding period changed?

No. VCT shares must still be held for at least five years to retain the income tax relief.

How RAM Capital helps

RAM Capital Partners is a specialist distributor of VCT, EIS and SEIS investments to UK financial advisers. Our Adviser Fund Centre brings together the current offers, full literature packs, an interactive tax-relief calculator (reflecting the new 20% VCT rate), CPD, and suitability support — so you can model the post-2026 numbers and document your recommendations in one place. Our distribution desk can help with product selection, due diligence and research, and introduce you to the managers running the funds your clients invest in.

For professional financial advisers only — not a financial promotion to retail clients. General information, not tax or investment advice. VCT, EIS and SEIS investments place capital at risk and are illiquid; tax reliefs depend on individual circumstances and may change.

VCT vs EIS vs SEIS: a financial adviser's quick guide

Three schemes for backing smaller UK companies, three different fits. Here's how they compare on the 2026/27 rules, and where each one earns its place.

VCTs, EIS and SEIS all reward investors for backing smaller, higher-risk UK companies — but they suit different clients and objectives. This quick guide sets out the differences at a glance and where each tends to fit, using the 2026/27 rules.

At a glance

 VCTEISSEIS
Income tax relief20%30%50%
Max per tax year£200,000£1m (£2m if ≥£1m knowledge-intensive)£200,000
Minimum hold5 years3 years3 years
Tax-free dividendsYes
Tax-free growthYesYesYes
CGT treatment on a gainDeferral50% reinvestment relief
Loss reliefNoYesYes

(VCT income tax relief reduced from 30% to 20% for new shares from 6 April 2026.)

The quick way to tell them apart

VCT — for tax-free income and diversification. A VCT is a listed company that invests in a spread of small trading companies, so a single subscription gives instant diversification and, crucially, a stream of tax-free dividends. That income focus, plus tax-free growth, is the heart of the VCT case — even with upfront relief now at 20%.

EIS — for higher upfront relief, CGT deferral and estate planning. EIS invests directly into individual qualifying companies. It offers 30% income tax relief on up to £1m a year (£2m where at least £1m goes into knowledge-intensive companies), the ability to defer a capital gain made elsewhere, tax-free growth, and — after two years — potential Inheritance Tax Business Relief. (From 6 April 2026, Business Relief is 100% on the first £2.5m of qualifying business property per person, then 50% above that. AIM-quoted and other “not listed” shares receive 50% relief on the whole holding and do not use the £2.5m allowance, so the outcome depends on the client's wider estate.) Losses on individual holdings can also be claimed.

SEIS — the highest relief, for the earliest-stage risk. SEIS targets brand-new companies and rewards that extra risk with 50% income tax relief on up to £200,000 a year, plus 50% CGT reinvestment relief, tax-free growth and loss relief.

The downside protection point

EIS and SEIS also offer loss relief, which materially cushions the downside. For a 45%-taxpayer, a total loss on an EIS holding can be reduced to a maximum real loss of about 38.5% of the original investment once income tax relief and loss relief are taken together; for SEIS the equivalent figure is about 27.5%. VCTs do not offer income-tax loss relief — their risk is spread across a diversified portfolio instead.

Frequently asked

Can a client use more than one in the same year?

Yes — subject to each scheme's own annual limit and the client's income tax liability, VCT, EIS and SEIS can be used alongside one another.

Which gives the most relief?

On upfront income tax relief, SEIS (50%) is highest, then EIS (30%), then VCT (20%). But upfront relief is only part of the picture — dividends, CGT treatment, loss relief and holding periods all differ, so suitability depends on the client's objectives, not just the headline rate.

Are the reliefs guaranteed?

No. All are subject to the investor and the investment meeting HMRC conditions and the minimum holding periods, and tax treatment depends on individual circumstances and can change.

How RAM Capital helps

RAM Capital Partners is a specialist distributor of VCT, EIS and SEIS investments to UK financial advisers. Our Adviser Fund Centre gives you a curated range of offers with full literature, an interactive tax-relief calculator covering all three schemes, CPD, and suitability support — so you can compare the options and document your advice in one place. Our distribution desk can help with product selection, due diligence and research, and introduce you to the managers running the funds your clients invest in.

For professional financial advisers only — not a financial promotion to retail clients. General information, not tax or investment advice. VCT, EIS and SEIS investments place capital at risk and are illiquid; tax reliefs depend on individual circumstances and may change.

How to claim VCT, EIS and SEIS tax relief: the certificates explained

The reliefs are generous — but a client only gets them once the paperwork is right. Here's the plain-English version of what they receive, where the claim goes, and the deadlines to watch.

Adviser how-to

All three schemes give upfront income tax relief — 20% on VCTs, 30% on EIS and 50% on SEIS (2026/27 rates). But the relief isn't applied automatically when the money goes in. Your client has to claim it, and they can't claim until they hold the right certificate. This guide walks through the process for each.

The golden rule: no certificate, no claim

For every scheme, the trigger for claiming is a certificate issued after the investment — not the subscription itself. With EIS and SEIS in particular there's often a wait: the company usually can't issue the certificate until it has been trading for around four months and HMRC has authorised it. It's worth setting that expectation with clients up front, so a gap between investing and claiming doesn't come as a surprise.

EIS and SEIS: the EIS3 and SEIS3

Your client will receive a form EIS3 (for EIS) or SEIS3 (for SEIS) — officially the "certificate and claim to relief". For an HMRC-approved knowledge-intensive fund, the equivalent is a form EIS5. This document carries the Unique Investment Reference (UIR) the claim depends on, so it needs to be kept safe.

The relief is then claimed through Self Assessment. On the Additional Information pages (SA101), the total subscribed goes in the "Other tax reliefs" section, and the details of each investment — UIR, company name, amount, and the date the shares were issued — go in the "Any other information" box. HMRC applies the relief against the client's income tax for the year.

Carry-back is the useful bit. EIS and SEIS relief can be carried back one tax year — the shares can be treated as though issued in the previous year and the relief claimed against that year's income tax, subject to that year's limits. It's a valuable planning lever where a client had a higher liability the year before.

On timing, there's a generous window: a claim can be made up to five years after the 31 January following the tax year in which the shares were issued. A client can also ask HMRC to adjust their PAYE tax code to get the benefit sooner in-year, but the claim is still finalised on the tax return.

VCT: the VCT tax certificate

For a VCT, the client receives a VCT tax certificate (alongside the share certificate) once the shares are allotted. The 20% relief is claimed either through Self Assessment — under "Other tax reliefs", the entry is "Subscriptions for Venture Capital Trust shares", and HMRC works out the 20% automatically — or by asking HMRC to adjust the PAYE tax code, which is handy when a client invests early in the tax year.

Two differences from EIS/SEIS are worth flagging. First, VCT relief cannot be carried back to an earlier year — it's claimed for the year of investment. Second, VCT dividends are automatically tax-free: there's nothing to claim and nothing to declare on the return for them.

At a glance

 VCTEISSEIS
What the client receivesVCT tax certificateForm EIS3 (or EIS5, approved funds)Form SEIS3
Upfront relief20%30%50%
Where to claimTax return, or PAYE codeTax return (SA101), or PAYE codeTax return (SA101), or PAYE code
Carry back to prior year?NoYes (one year)Yes (one year)
Deadline to claimReturn for the year investedUp to 5 yrs after 31 Jan following the tax yearUp to 5 yrs after 31 Jan following the tax year

Three things to remind clients

Relief can't exceed the tax due. Upfront relief can reduce an income tax bill to zero but no further — there's no repayment beyond the client's actual liability for the year, so the claim only works to the extent there's tax to relieve.

Keep the certificate. The claim hinges on it (and its reference number). No certificate means no claim — a lost one has to be replaced by the manager before relief can be taken.

Selling early unwinds it. The minimum holding periods still apply — five years for a VCT, three for EIS and SEIS. Dispose of the shares early (or otherwise breach the conditions) and the upfront relief is withdrawn and repayable, so the certificate is only the start of the story.

How RAM Capital helps

Every offer on our Adviser Fund Centre comes with the full literature — including the manager's own guidance on certificates and claiming — and our distribution desk can talk a case through with you. If a client's certificate is delayed or mislaid, we can point you to the right contact at the manager to chase it.

For professional financial advisers only — not a financial promotion to retail clients. General information about the claims process, not tax or investment advice. The forms and deadlines are set by HMRC and can change; always check the current HMRC helpsheets (HS341 for EIS, HS393 for SEIS) and the scheme's own documentation. VCT, EIS and SEIS investments place capital at risk and are illiquid; reliefs depend on individual circumstances. Figures reflect the 2026/27 rules.

Legal & Compliance

Privacy Notice

How RAM Capital Partners LLP collects, uses and protects the personal information we hold about you.

Important: This website is directed at professional financial advisers only. Investors' capital is at risk.

1. Who we are

RAM Capital Partners LLP ("RAM Capital", "we", "us") is the controller of the personal information described in this notice. That means we decide why and how it is used.

Registered officeMappin House, 4 Winsley Street, London W1W 8HF
Registered numberOC329154, registered in England and Wales
RegulatorAuthorised and regulated by the Financial Conduct Authority, FRN 470347
ICO registrationZC226774
Contacttaxsolutions@ramcapital.co.uk · 020 3006 7530

We have not appointed a Data Protection Officer. One is not required for a firm of our size and activities. Matthew Brown is the partner responsible for data protection at RAM Capital, and any question about this notice or about your information should be sent to taxsolutions@ramcapital.co.uk in the first instance.

2. Who this notice is for

This notice is for the financial advisers, paraplanners and firm staff who use our website and our services. RAM Capital does not advise or deal with retail clients, and we hold no client records of our own.

We do, though, see a little information about your clients, because you send it to us. When you ask us to prepare an illustration you give us a client's name, the amount to be invested and your fee. When you ask us about an existing holding you give us a name, the fund and roughly when it was bought. That is the whole of it — we do not ask for addresses, dates of birth, National Insurance numbers or anything else, and we do not build a record of anyone's investments.

We tell you this because a name and an amount are still information about a person, even without an address attached. If you would rather not send us a client's name, initials or your own client reference are enough for us to do the work.

It is worth being clear about one point, because it is often misunderstood: an adviser's name, work email address and firm are personal information under UK data protection law. There is no business-to-business exemption. This notice therefore applies to you as an individual, even though our relationship with you is entirely professional.

One thing to flag at the outset. If you use the RAM Academy, we keep a record of which videos you opened, how far through each one you got and how you scored in the quizzes. We do that so we can issue your CPD certificate and stand behind it if anyone queries it. Section 3 sets out exactly what is recorded and section 7 says how long we keep it.

3. What we collect

Most of the information below is collected through our website. We also hold whatever you send us by email, tell us over the telephone, or give us on a business card when we meet. We have never bought a marketing list and we do not use list brokers or data vendors.

We do, though, identify advisers ourselves. Where we do, the source is a publicly available professional one — a firm's own website, the FCA Register, or LinkedIn — and what we take from it is limited to your name, your firm and your professional contact details. We also record professional contact details that reach us when business is placed with us.

If we hold your details because we found them rather than because you gave them to us, we will tell you so, and tell you where we found them, no later than the first time we contact you. You can ask us to stop at any time, and we will.

CategoryWhat this includesWhen it is collected
Identity and contactYour name, your firm, your work email addressWhen you request documents, register interest in an offer, or ask to be told when a closed offer reopens
Enquiry detailsWhich documents you asked for; which offer you registered interest in; anything you write to usAt the point of the request
Document activityWhich document links you open from the Adviser Fund CentreEach time a document is opened
Learning activityWhich RAM Academy videos you open, how much of each you watched, your quiz scores, CPD hours recorded, certificate reference and completion date and timeEach time you use the CPD section
Technical dataYour IP address, passed to our forms provider's spam-filtering services along with your email addressAutomatically, when you submit any form
Details we have found ourselvesYour name, your firm and your professional contact details, taken from a firm website, the FCA Register or LinkedInWhen we identify you as an adviser we may work with
Client details you send usWhere you ask us to prepare an illustration: your client's name, the amount and your fee. Where you ask us about an existing holding: your client's name, the fund and approximately when it was boughtWhen you send us the request, by email or over the telephone

Please note: the learning activity above is more detailed than most advisers would expect. It records what an individual studied, how far through they got and how they scored. It is collected so that CPD certificates can be issued and evidenced, but it should be described plainly rather than buried — which is why it has its own row.

We keep this learning record for 12 months and no longer, so that we can answer a query about a certificate we have issued.

Do you have to give us this information? No. Neither the law nor any contract with us requires you to give us your name, your firm or your email address. But we cannot send you the documents you have asked for, tell you when an offer reopens, or issue you a CPD certificate without them.

4. Why we use it, and our lawful basis

UK data protection law requires us to have a lawful basis for each purpose. Ours are set out below.

What we use it forLawful basis
Sending you the documents and information you have asked forLegitimate interests — responding to a request you made
Telling you when an offer you registered interest in reopensConsent — you asked us to contact you, and you can withdraw at any time
Issuing and evidencing CPD certificatesLegitimate interests — providing a service you have chosen to use, and being able to stand behind a certificate we issued
Understanding which materials advisers find useful, so we can improve themLegitimate interests — running and improving our business
Sending you information about offers and market developmentsLegitimate interests, and you may object at any time. If you are a sole trader or an unincorporated partnership, electronic marketing rules treat you as an individual and we will not email you marketing unless you have consented to it
Keeping records we are required to keep as an FCA-regulated firmLegal obligation
Preparing an illustration you have asked for, and passing a servicing enquiry to the manager or their administratorLegitimate interests — doing the thing you have asked us to do, and passing it to the only people who can answer it

Where we rely on legitimate interests, we have considered whether our interest is outweighed by your rights. We think it is not, because the information is limited to professional contact details and your use of professional materials, you gave it to us in a business context, and you can object at any time. You may ask us for our assessment.

5. Who else sees it

We do not sell your information, and we do not share it with anyone for their own marketing. We do not give the fund managers whose products we distribute a list of the advisers we deal with.

There is one routine exception, and it is worth setting out plainly. We cannot value an existing holding or change the details on one ourselves — only the product manager or their administrator can. So when you ask us about a holding, we pass your enquiry to them: to the manager's investor relations team, or to an administrator such as The City Partnership. That message carries your name, your firm and whatever you have told us, which will usually include your client's name. We pass on the enquiry and nothing else.

The third parties involved are set out below. The first seven are suppliers who run our systems on our behalf and may only act on our instructions. The last two rows are different: those are organisations that receive your information in their own right — because you have asked us to pass your enquiry on, or because we are required to disclose it or need advice.

WhoWhyWhere
Web3Forms (Web3Creative)Processes every form submission on our website on our behalf, under a data processing agreementIndia
Amazon Web Services, Cloudflare and HetznerHosting, storage, email delivery and security for those submissions, engaged by Web3FormsAWS regions as configured, Cloudflare's global edge network, and the EU (Germany and Finland)
CleanTalk and Akismet (Automattic)Spam and abuse filtering. Each receives your IP address and email address to assess whether a submission is genuineUnited States
Nxt Gen ITOur IT support provider. They administer our Microsoft 365 tenancy and our domain on our behalf, and can access those systems in order to support themUnited Kingdom
MicrosoftHosts our email. Anything you send to us, and our replies, are stored in our Microsoft 365 mailboxesUnited Kingdom
20iHosts our domain and our websiteUnited Kingdom
Intuit MailchimpHolds our mailing list and sends our email newsletters and offer updates on our behalfUnited States
Product managers and their administrators, such as The City PartnershipWhere you ask us about an existing holding and only they can answer it, we pass your enquiry to themUnited Kingdom
Regulators, auditors and professional advisersWhere we are required to disclose, or need adviceUnited Kingdom

With the exception of the last two rows, these are suppliers acting on instructions, not organisations we have chosen to give your information to. A current list of the companies our forms provider uses is available from us on request.

6. Sending information outside the UK

Our forms provider, and the suppliers it uses, process submissions outside the United Kingdom — in India, the European Union and the United States. Transfers to the European Union are covered by UK adequacy regulations, which means the UK has recognised that those countries protect personal information to an equivalent standard. Transfers to India and the United States are governed by a data processing agreement with Web3Creative which incorporates the Standard Contractual Clauses together with the UK Addendum, the safeguards UK law recognises for transfers of this kind. We hold a copy of that agreement and will give you a copy of those safeguards if you ask.

Our email service, Intuit Mailchimp, also holds our mailing list in the United States. Intuit is certified under the UK Extension to the EU–US Data Privacy Framework, which the UK recognises as giving an adequate level of protection, and its processing terms additionally incorporate the Standard Contractual Clauses as a fallback.

7. How long we keep it

We keep personal information only as long as we need it. Our periods are:

InformationHow long we keep it
Document requests and enquiries24 months from your last contact with us
Illustration requests, and enquiries about an existing holding12 months from the request, after which the message and anything in it about your client is deleted
Registrations of interest in a closed offerUntil the offer reopens and we have told you, or 24 months, whichever is sooner
CPD records and certificates issued12 months, so that we can answer a query about a certificate we issued
Marketing contact detailsUntil you object, and in any event we review contacts who have not engaged for 24 months
Form submissions held by our forms providerDeleted automatically after three years — so a copy of your original form submission can sit with our provider for longer than the periods above. If we stopped using the service, everything would be deleted within ninety days

8. Cookies and similar technologies

We inspected the website in preparing this notice, and checked it again in a browser on 24 August 2026. It sets no cookies of its own and runs no analytics or advertising trackers. The only cookies WordPress sets are two that record screen preferences for our own staff when they sign in to administer the site; a visitor never receives them.

The site does, however, keep up to three things in your own browser, using what is called local storage rather than cookies:

  • your name, your firm and your work email address, once you have entered them on one of our forms, so that you are not asked to type them again;
  • if you use RAM Academy, your progress through the eight modules — your name, firm and email address, and the certificate reference and date for each module you have passed — so that the site can show you where you have got to and produce your combined certificate; and
  • a short list of which videos you have already opened in the past 24 hours, kept against your email address and used only to stop us being notified twice about the same video. Entries older than 24 hours are discarded.

All three are held on the device you are using, and you can remove them at any time by clearing site data for ramcapital.co.uk in your browser. We will talk you through it if you ask. None of the three is uploaded from your device by itself. Separately, and whether or not anything is stored on your device, we are sent your name, firm and email address together with the document or video concerned at the moment you request a document or open a video, and your quiz score, CPD hours and certificate reference at the moment you pass a module. Section 3 sets out what we then hold and section 7 says for how long.

The rules on storing information on your device are not limited to cookies. At present the site saves these items as soon as you first give us your details. We are adding a way for you to decline them, and we will ask before saving anything once it is in place. In the meantime nothing is lost by removing them, and you can do that at any time as described above.

Because we set no cookies of our own and run no analytics, there is no cookie banner on the site. If that ever changes, we will ask for your agreement before anything is set.

This holds for our forms too. When you submit one, your details are sent quietly in the background to our forms provider's system; your browser is not taken to their website and none of their code runs on this page. So nothing they use on their own systems — including any analytics or session-recording tools — can see or record what you do here.

The typefaces used on this site are served from this website itself. Your browser makes no request to Google or to any other outside company in order to display these pages.

9. Your rights

You have the right to:

  • be told what we hold about you and why, which is what this notice does;
  • ask for a copy of the information we hold about you;
  • have inaccurate or incomplete information corrected;
  • ask us to delete information we no longer need;
  • ask us to restrict how we use it while a question is resolved;
  • receive information you gave us in a portable format, or have it sent to someone else, where we hold it with your consent or under a contract with you;
  • withdraw your consent at any time where we rely on it — for offer alerts, by using the unsubscribe link in any message from us or by emailing us. Withdrawing your consent does not affect anything we did before you withdrew it;
  • object to our use of your information where we rely on legitimate interests; and
  • object to direct marketing at any time. This right is absolute — if you object, we stop.

To exercise any of these, email taxsolutions@ramcapital.co.uk. We will respond within one month. If your request is complex we may need up to a further two months, and we will tell you within the first month if that is the case. There is no charge. We may need to check who you are before we respond. Some of these rights are qualified and depend on why we hold your information; where we cannot do what you have asked, we will tell you why.

Your right to object to marketing. You can tell us to stop sending you marketing at any time and we will stop. You do not have to give a reason and there is nothing to justify. Email taxsolutions@ramcapital.co.uk, or use the unsubscribe link in any message we send you.

10. How to complain

If you are unhappy with how we have handled your personal information, please tell us first — email taxsolutions@ramcapital.co.uk or call 020 3006 7530. We will acknowledge your complaint within 30 days and respond as quickly as we can.

You also have the right to complain to the Information Commissioner's Office, and you do not have to come to us first. The ICO can be reached at ico.org.uk/make-a-complaint or on 0303 123 1113.

11. Automated decisions

We do not make any decision about you by automated means, and we do not profile you.

12. Changes to this notice

This notice replaces the RAM Capital privacy statement of 3 May 2018. If we change it we will publish the new version here and update the version and date below. We will tell you directly if a change is significant. If we ever want to use your information for a new purpose, we will tell you directly and explain that purpose before we start, rather than rely on you noticing a change to this page.

Version 1.0 — 28 August 2026.

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