delete The Finance Act 2012 (Venture Capital Trusts) (Appointed Day) Order 2012
An appointed day order bringing into force provisions of Schedule 8 to the Finance Act 2012 that relax restrictions on Venture Capital Trusts (VCTs) — specifically increasing annual fundraising caps, raising gross asset limits for investee companies, and easing employee count restrictions.
While this Order liberalizes existing VCT restrictions, it remains part of a framework that uses tax incentives to distort capital allocation toward politically-favoured small company investments. The retained EU-law heritage of this provision, combined with the fundamental economic distortion of directing private capital through tax-preferred vehicles rather than market signals, means the unseen costs of this regime outweigh its incremental liberalizations. Removing this Order would prevent the expansion of a scheme that creates moral hazard, rewards politically-connected investors, and diverts capital from more productive uses.