Parliament's Intentions (Propriety)22 Mar 2014 17:53
HMRC revoking of VCT status for OT1 and OT3 feels improper to me. As an OT3 investor who attended the July 3, 2013 Oxford Technology AGM, I am struck by how dominated OXT(OT1) assets were/are by Scancell. . However near the end of a VCT life after an inevitable number of failed investments the largest remaining investment may well be over 15% of the remaining portfolio value. Perhaps OT1(OXT) and OT3 (OTT) should be treated differently? I have not researched Hansard, which I trust has been scrutinised carefully by numerous HMRC lawyers, but on the last years of the John Major government my foggy feeling was that the intention was to encourage investment in small companies as OT has done for 15 years.