A new fund which will invest in businesses run by UK service veterans is launching today.
The fund is a special type of investment trust known as a venture capital trust (VCT), which is a fund whose shares are listed on the stock exchange. A VCT will back growing companies and offer a 30 percent initial tax refund, as well as tax-free capital growth and income in the future.
The new trust wants to raise £20m from investors by April and hopes to generate gains of more than 70 percent over the first five years.
The new VCT trust for businesses run by UK service veterans is called Time Reboot. Stuart Nicol, a seven-year veteran of the Argyll & Sutherland Highlanders infantry unit during the 90s, will run the Time Reboot fund. He has experience in finance, having run Octopus Investments, another VCT company.
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