The managers of Core Venture Capital Trusts (VCT) have announced they are to merge the CORE I, II and III VCTs. The VCTs are 70% invested in qualifying assets and there is now no need to run three separate funds.
The merger will produce cost savings estimated to be £187,000 per annum. With significant similarities in the investments of each fund we believe the merger of these funds will be of benefit to investors.
The managers are only remunerated on distributions and do not take an annual management charge on the underlying fund. Therefore, they are only paid out on performance of the fund.
Following shareholder approval of the merger Core VCT I will pay out a special dividend of 10p per share and Core II and III VCTs will pay out 12p per share. All income paid out on qualifying VCTs are received tax free by qualifying subscribers.
For more information on VCTs, please click here or alternatively speak to one of our advisers on 020 7189 9999.