Gresham House
Specialist asset management
Gresham House Income & Growth VCT plc and Gresham House Income & Growth 2 VCT plc - formerly the Mobeus VCTs
Gresham House Income & Growth VCT plc and Gresham House Income & Growth 2 VCT plc - formerly the Mobeus VCTs
Investing in the next generation of high-growth businesses, targeting enhanced returns for shareholders
The Gresham House VCTs, formerly known as the Mobeus VCTs, are venture capital trusts that are listed on the London Stock Exchange and invest in diversified portfolios of UK based unquoted companies.
Our investments are selected on the basis of their potential for significant growth. We partner with businesses that have innovative and differentiated products or services and ambitious entrepreneurial management teams, with a focus on consumer, healthcare & education, and B2B sectors.
Key documents
What are VCTs?
Venture Capital Trusts (VCTs) are listed, closed-ended, tax-efficient investment vehicles, designed to give investors exposure to businesses and industries in the early stages of growth.
The UK Government introduced VCTs in 1995 as a way of encouraging investment in Britain’s entrepreneurial businesses and in the 28 years since, they have been instrumental in building and bolstering the UK economy. Potential benefits include:
- Income tax relief of up to 30% of the subscription amount on new shares (some or all of which investors may have to repay if they sell those shares within five years)
- Tax-free dividends
- Tax-free gains on sale of shares (after five years of new shares being issued)
Image credit: SciLeads, portfolio company
In June 2025, The Income & Growth VCT plc and Mobeus Income & Growth VCT plc were renamed to become Gresham House Income & Growth VCT plc and Gresham House Income & Growth 2 VCT plc respectively.
Prior to July 2024 there were four Mobeus VCTs. Following shareholder approval these four companies were merged to become two.
Mobeus Income & Growth 2 VCT plc (MIG2) and Mobeus Income & Growth 4 VCT plc (MIG4) were put into liquidation with the assets transferred to Mobeus Income & Growth VCT plc (MIG) and The Income & Growth VCT plc (I&G) respectively.
FAQs
On 18 June 2024, the Companies issued a joint circular (Circular) setting out proposals for, amongst other things, merging the four Companies into two (Merger), offers for subscription by MIG and I&G (as the proposed surviving Companies, such offers being conditional on the Merger becoming effective) and notices for general meetings of the Companies to be convened on 18 July 2024 (all Companies) and 26 July 2024 (MIG 2 and MIG 4 only) in connection therewith (General Meetings and each a General Meeting).
On 18 July 2024, the Companies announced that all the resolutions proposed at their respective General Meetings held on that day were duly passed.
MIG 2 and MIG 4 are pleased to announce that the resolutions proposed at their respective General Meetings held on 26 July were duly passed.
VCTs invest mainly in small companies with high potential for growth that need some financial support. These companies are usually unquoted and often less established. As a consequence, these investments may be higher risk than investments made by other investment companies that are not VCTs. However, because VCTs provide important support to the growth of the UK economy, VCTs offer generous tax benefits to shareholders.
What are the tax reliefs available on investment in new VCT shares?
The tax reliefs available on new shares are
- Income tax relief of up to 30% on the amount invested in new VCT shares*
- Tax free dividends*
- Tax free capital gains*
*On amounts invested up to £200,000 per person, per tax year, for individuals aged 18 or over who are UK tax payers, acquired by any means.
There is a minimum holding period of five years for new shares, otherwise the income tax relief is clawed back.
There have been different holding periods and initial VCT tax reliefs in the past. To view a summary of VCT tax reliefs available since 1995 click here.
What are the tax reliefs available on investment in existing VCT shares?
The tax reliefs available on existing shares are
- Tax free dividends*
- Tax free capital gains*
*On amounts invested up to £200,000 per person, per tax year, for individuals aged 18 or over who are UK tax payers, acquired by any means.
There is no minimum holding period for these tax reliefs for investors in existing VCT shares.
AIC Guide on VCTs
Go to the Association of Investment Companies’ Guide to VCTs
View our guide to help you with the sale of shares held in a venture capital trust >>
VCTs are not a suitable investment for everyone and it is important that you understand the risks involved. Gresham does not offer investment, tax or legal advice, and we always recommend you talk to a financial adviser and read each VCT’s Key Information Document and relevant Prospectus before making a decision to invest. You may access copies of these documents on each VCT’s website.
There are not currently any Open Offers for the VCTs.
Shareholders may wish to either:
- Give your VCT shares to your beneficiaries during your lifetime. This may reduce the overall value of an estate prior to your death as a potentially exempt transfer *; or
- Make a bequest of your VCT shares to your beneficiaries through your will.
* A potentially exempt transfer (PET) is a gift from one person to another that is not liable to inheritance tax, provided the person making the gift lives for a minimum of 7 years after the transfer is made. If death occurs within 7 years, inheritance tax is payable to the extent that the total of all PETS in the previous 7 years exceeds the nil rate band.
Individuals who receive VCT shares as a gift or as an inheritance can benefit from tax free income and tax free capital gains. However, there are other tax implications of gifting VCT shares, which need to be carefully considered before any actions are taken. To view a summary of these tax implications click on the links below:
Transfer to spouse/civil partner
Transfer to a recipient who is not a spouse of civil partner
Practical and other tax points to consider:-
Notification of the death of a shareholder
In the event of the death of a shareholder, the person dealing with the deceased shareholder’s affairs should notify the Registrar.
VCT shares left in your will
You should ensure your executors know what should happen to your VCT shares after your death. To achieve this, your will should contain specific instructions as to who should inherit them. Otherwise, as VCT shares are listed, in the absence of any specific instructions, executors may seek to sell the shares.
Please note that, while shares remain in an estate, there are no VCT tax advantages and the estate may have to declare the income for tax purposes if dividends are paid on the shares.
The following are possible practical steps VCT investors might take to minimise the
time their shares are held in an estate after their death:-
- Find all share certificates – sort out replacements if any missing. Please note that an indemnity be payable to replace a lost certificate in addition to an administration fee charged by the Registrar
- Reduce number of share certificates by asking registrar to consolidate certificates. Please note the Registrar will charge fees for consolidating share certificates
- Ensure share certificates are kept in a safe place
- Ensure the executors know where the latest, most up to date version of your will is kept
Initial VCT income tax relief & deferred capital gains
In the event of death, initial VCT income tax relief is not withdrawn even if death occurs within the minimum holding period. However, any deferred capital gains are extinguished on death.
Inheritance tax
As VCT shares are listed shares they are valued with an individual’s estate and therefore contribute towards its overall value, part of which may be subject to inheritance tax although transfers between spouses are (normally) not subject to inheritance tax.
Seeking advice
Estate planning can be a complex area and we strongly recommend that you seek advice from an appropriately approved and qualified adviser who can provide advice based on your personal circumstances.
Interim dividends may be paid when the Directors determine that the Company has sufficient income or following a capital realisation of one of the Company’s investments. Interim dividends may be declared at any time but are more frequently declared at the Half-Year stage. They are normally paid four to five weeks after they are declared.
The VCTs cannot guarantee the amount of dividend to be paid in each year or the timing of payments and the level of distributions to shareholders may fluctuate.
A dividend history for each VCT listing the payment dates and the amounts paid per share for each dividend can be accessed by going to Dividends in the shareholder information section of each VCT’s website.
Gresham House Income & Growth VCT plc shareholder information
Gresham House Income & Growth 2 VCT plc shareholder information
The full record of your individual shareholder account is only held by the registrar for your investment, The City Partnership (UK) Limited. This information, including how much and when dividends were paid to you, is available to you online through the registrar’s website, or by telephone.
For full contact details, please see the FAQ below, ‘Who is the Registrar for the Mobeus VCTs?’
Gresham House Income & Growth VCT plc Dividend Investment Scheme
The Company recommenced its Dividend Investment Scheme (“the Scheme’’) on 12 February 2020, following a brief period of suspension. The Scheme allows participants to automatically re-invest their dividends at the latest published NAV price.
For further details on The Income & Growth VCT plc dividend investment scheme and access to document downloads, please click here and scroll down to click on the “Dividend” dropdown section.
Gresham House Income & Growth 2 VCT plc Dividend Investment Scheme
The Company commenced its Dividend Investment Scheme (“the Scheme’’) in July 2024 as part of the merger. The Scheme allows participants to automatically re-invest their dividends at the latest published NAV price.
For further details on Gresham House Income & Growth 2 VCT plc dividend investment scheme and access to document downloads, please click here and scroll down to click on the “Dividend” dropdown section.
The registrar for the Gresham House VCTs is The City Partnership (UK) Limited.
For details on your individual shareholdings and to manage your accounts online, shareholders are encouraged to log into or register with City’s Shareholder Hub: https://gresham-house-vcts.cityhub.uk.com/login
These services enable you to manage your shareholder accounts online and are the most efficient way of checking information on your accounts and making changes to your instructions. You can use these online services to:
- Change your address details
- Check your holding balance and transactions
- View the dividends you have received
- Add and amend your bank details
- Change your options for receiving communications from the Company; and
- Submit your proxy votes for general meetings.
When contacting the Registrar, you will need to confirm the address where your shares are registered and your shareholder account details. Please have your shareholder number to hand. This is shown on your share certificates, dividend tax vouchers and proxy cards.
The City Partnership (UK) Limited
The Mending Rooms
Park Valley Mills
Meltham Road
Huddersfield
HD4 7BH
Tel: 01484 240 910.
(Lines are open 9:00 am to 17:30 pm, Monday to Friday, excluding public holidays in England and Wales. Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the UK will be charged at the applicable international rate.)
Email: registrars@city.uk.com
- 1. Contact the registrar(s) on:The City Partnership (UK) Limited
The Mending Rooms
Park Valley Mills
Meltham Road
Huddersfield
HD4 7BHTel: 01484 240 910.
(Lines are open 9:00 am to 17:30 pm, Monday to Friday, excluding public holidays in England and Wales. Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the UK will be charged at the applicable international rate.)
Email: registrars@city.uk.com
or
2. Visit the registrars’ investor portals on https://gresham-house-vcts.cityhub.uk.com/login
We would be pleased to hear from you by telephone or email.
Tel: +44 (0)20 7382 0999
Email: ghvcts@greshamhouse.com
How can I find the latest share price?
The share price for each VCT can be found the Company’s website
