Launched following the British government’s 1994 Budget Statement to support “dynamic, innovative, growing businesses” Venture Capital Trusts (VCTs) are now one of the last remaining bastions of tax efficiency for wealthier investors in the UK.

Successive British governments have either closed-down or reduced the attractiveness of ways in which wealthy investors can legitimately mitigate their tax obligations or invest in a tax-efficient manner.

“Tax pressure in Britain is at a 50-year high,” said Alex Davies, the chief executive of Bristol-based Wealth Club, which claims claims to be the UK’s largest invest...