LONDON (Alliance News) - Ventus VCT PLC and Ventus 2 VCT PLC noted Thursday that their investee companies have benefited from an exemption to the climate change levy that UK Chancellor of the Exchequer George Osborne said will be removed in the Budget last Thursday, which will lead to reduction in the net asset value of some of its shares.
The chancellor also announced a reduction in the corporation tax to 19% in the 2017-18 tax year and to 18% in the 2021-21 tax year.
The companies expect the reduction in corporation tax to partially offset the removal of the climate change levy.
Both companies expect the net impact of these changes on the net asset value of its ordinary shares and C shares to be a reduction of between 2.5% to 3%, but to have no hit on the net asset value of its D shares.
Shares in Ventus VCT closed down 1.6% at 92.01 pence Thursday, shares in Ventus 2 VCT were untraded Thursday, it last closed at 63.50 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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