Indy Ref 2 and vct management

[barchid]

With the possibility of a further referendum looming how would vct's managed in Scotland cope if there is a yes vote this time ?
Both Maven & Amati are managed from Scotland, although Maven have offices around the UK, to my knowledge Amati do not, so how would HMRC view a vct managed outside of the UK, not with much enthusiasm I fear ?
Given too that the only non Scot on the Amati management team is Dr Jourdan, the others all appear to be Scottish.
So if some of them do not wish to relocate to rUK that hardly augurs well for continuity.
There is also a new Amati prospectus due out in Summer, so anyone buying into that would possibly see a change of management within the 5 year lock in period.
Conventional fund managers such as Investment Trust's would not, I suspect, be remotely affected but given the tax advantages of a vct I suspect those managers outside UK could be in a difficult position & Amati likely to be worst affected.
Just thinking out loud...

[cprof]

Barchid, you raise an interesting point. I had a very quick scan through the HMRC manual and whilst there are geographical rules regarding the shares and equity owned by the VCT and the VCT 's ordinary share capital must be admitted to trading on an EU regulated market. I can see no reference to the geographical location of the management group. The way I see it is that after launch of a VCT and the establishment of the VCT board of directors, the management group are merely a supplier of services to the VCT and a from a government /tax payer perspective I can see no reason why they should be in the UK. Obviously there may be questions of regulatory compliance but I assume that can be done offshore. But I am only guessing!! A good question for the Amati Investor event on 27th May ( I notice on the letter announcing the investor event that the registered office of the VCT is in London)

[UncleEbenezer]

Shirley it would be for an independent Jockland to decide whether it wants to keep UK VC rules or diverge from them one way or another? Though of course UK VC rules themselves tend to change regularly, sometimes in a Big Way.

For investors at the time of a split, I expect we'd benefit from "grandfather" rights if the rules diverge, even if it restricts who can get the tax breaks in any new top-up offer. Until then I go on investing according to how much money (and tax) I have. I note too that crowdfunding is now very internationalised, and I'm investing with folks around Europe in companies around Europe[1] when I like the look of a company (or when I have a moment of madness). Scotland would become just one more country in that ecosystem.

[1] East to west, from Poland to Portugal. North to south from Sweden to, er, Portugal.