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When will the next dividend be paid?

The Baronsmead VCTs normally declared dividends approximately 6 weeks after the interim/annual financial period end.
Unless special circumstances arise, the directors of the Baronsmead VCTs would normally declare interim dividends as follows:
Baronsmead Venture Trust - Financial Year End 30 September
Final Dividend Declared - mid November
Interim Period End - 31 March
Interim Dividend Declared - mid May

Baronsmead Second Venture Trust & Baronsmead 5 -
Financial Year End 31 December
Final Dividend Declared - mid February
Interim Period End - 30 June
Interim Dividend Declared - mid August

Interim dividends are normally paid 4-5 weeks after they are declared.

Final dividends are subject to shareholders approval at the Annual General Meeting. Provided shareholders approve the final dividend, it would be paid within 5 days of the AGM.

The ability of each Baronsmead VCT to pay dividends cannot be guaranteed. There may be variations in the amounts and timing of dividends paid. The value of the investment, and the dividend stream from the five Baronsmead VCTs, can rise and fall.

How much have I been paid in dividends?

The full record of your shareholder account is held by Computershare, which is the Registrar for each of the Baronsmead VCTs. This information, including how much and when dividends were paid to you, is available to you online through Computershare's Investor Centre service, or by telephone.

When contacting Computershare you will need to confirm the address where your shares are registered and your shareholder account details. Please have your Shareholder Reference Number (SRN) to hand. This is shown on your share certificates, dividend tax vouchers and proxy cards.

Computershare's contact details and link to their web site to register for Investor Centre is shown in this section of the website "How do I contact Computershare?"

How can I find the latest share price?

The share prices of the Baronsmead VCTs are listed on the London Stock Exchange. Share prices are available on many financial websites and prices at the last close of business are shown in the 'Companies' and 'Markets' section of the Financial Times.

You can access the latest share price for each VCT by visiting each individual fund page within this website.

Who is the registrar for the Baronsmead VCTs?

Computershare is the registrar for the Baronsmead VCTs. Shareholders can manage their own accounts in any of the Baronsmead VCTs through Computershare’s online investor centre. This enables shareholders to track and manage personal holdings, view their share portfolios, look at prices, implement updates such as changes of address, and get access to historical data.

Computershare's contact details are shown in this section "How do I contact Computershare?"

How do I contact Computershare?

Website: www-uk.computershare.com
Email: web.queries@computershare.co.uk
Address: Computershare Investor Services PLC. The Pavilions, Bridgwater Road, Bristol, BS99 6ZZ.
Telephone:

Each of the Baronsmead VCTs has its own dedicated freephone number:

Baronsmead Venture Trust                   0800 923 1533

Baronsmead Second Venture Trust       0800 923 1534

This is an automated self-service system and is available 24 hours, 7 days a week.

You should have your Shareholder Reference Number (“SRN”) to hand, which is available on your share certificate and dividend tax voucher and which you should always keep confidential for security reasons.

Press ‘0’ if you wish to speak to someone.  Computershare’s Contact Centre in Bristol is available on UK business days between 8.30am – 5.0pm Monday to Friday.

How can I find out the number of shares I hold?

Investors who hold ordinary shares in their own name can check their holdings on our Registrar's website www.uk-computershare.com. Please note that access to this facility investors will need to quote the reference number shown on their share certificate.

Alternatively, by registering for the Investors' Centre facility on Computershare's website, investors can view details of all their holdings for which Computershare is Registrar, as well as access additional facilities and documentation. Please see www.investorcentre.co.uk for further information.

Computershare's contact details are shown in this section "How do I contact Computershare?"

What dividends have been paid?

The full dividend histories, in terms of pence per share for each dividend, are shown for the relevant Baronsmead VCT. Click on the link for the Baronsmead VCT you are interested in

Baronsmead Venture Trust
Baronsmead Second Venture Trust
Baronsmead VCT 5
Baronsmead VCT (currently in voluntary liquidation after merging with Baronsmead Venture Trust)
Baronsmead VCT 4 (currently in voluntary liquidation after merging with Baronsmead Second Venture Trust)

Can I reinvest my dividends?

Each of the Baronsmead VCTs operates a Dividend Reinvestment Plan (DRIP), providing their respective shareholders with the opportunity to reinvest their cash dividends paid by purchasing existing shares in the respective Baronsmead VCT.

As these are NOT new shares issued by the respective Baronsmead VCT, participants will not be able to claim upfront income tax relief in respect of shares bought pursuant to a DRIP. They will, however, qualify for VCT dividend and capital gains tax reliefs available as VCT shares.

Shareholders may participate in the DRIP of the respective Baronsmead VCTs, provided that they do not live in, and are not subject to the jurisdiction of, any country outside the United Kingdom that would require the respective Baronsmead VCTs or the Registrars, who manage the DRIP on behalf of the Baronsmead VCTs, to comply with local government or regulatory procedures or any similar formalities.

How do I stop reinvesting my dividends?

Write to the Registrar to tell them you want to receive cash instead of shares when dividends are paid. However, there is a restriction in place: you can’t elect to change within two weeks of a dividend being paid.

Computershare's contact details are shown in this section "How do I contact Computershare?"

How do I contact Baronsmead?

Email: baronsmeadvcts@livingbridge.com
Telephone: 0207 506 5717
Facsimile: 0207 506 5718

VCT tax reliefs for new VCT shares

In summary, the tax reliefs available on investment in new VCT 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.

The disposal of new VCT shares within five years of their issue will result in some or all of the 30% income tax relief available upon investment becoming repayable. On this basis, investing in new VCT shares should be considered a long-term investment.

Legislation came into force with effect from 6 April 2014 relating to linked subscriptions and sales of VCT shares which restricts the availability of income tax relief on a subscription for shares in a VCT issued after 5 April 2014 where it is ‘linked’ to a sale of shares in the same VCT. For these purposes, linked means (i) the sale of the shares in the VCT was conditional on the subscription for shares in the same VCT (or vice versa) or (ii) the subscription for shares in the VCT and the sale of shares in the same VCT were within six months of each other (irrespective of which comes first). If the subscription is ‘linked’, the amount on which upfront VCT income tax relief can be claimed will be reduced by the amount of the consideration of any linked sales.

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

VCT tax reliefs for existing VCT shares

In summary, the tax reliefs available on investment in existing VCT 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.

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

VCTs in estate planning

VCT tax advantages can be passed to your beneficiaries.

You can either:

  • Give your VCT shares to your beneficiaries to potentially reduce the overall value of an estate prior to your death as a potentially exempt transfer*; or
  • Bequeath your VCT shares to your beneficiaries through your will.

Individuals who receive VCTs as a gift or as an inheritance can benefit from:

  • tax free income
  • tax free capital gains

To view a summary of the tax implications of gifting VCT shares click here

VCT shares in your will

To ensure your executors know what should happen to VCT shares after your death, specific instructions as to who should inherit them should be included or added to a will. Otherwise, as VCT shares are listed, in the absence of any specific intructions executors may seek to sell the shares.

All the time the 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. To view a summary of some practical steps to help your executor and to minimise the time VCT shares are held in an estate click here.

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 a minimum holding period. 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 between spouses is (normall) not subject to inheritance tax. Any deferred capital gains are extinguished on death. There is no withdrawal of VCT income tax relief with respect to subscriptions for new VCT shares if a person dies within the minimum holding period.

Seeking advice

Estate planning can be a complex area and you should seek advice from an appropriately approved and qualified adviser who can provide advice based on your personal circumstances.

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.

* 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.

Tax Related Risks

The information on this web site is based on existing legislation, including taxation legislation. The tax reliefs described are those currently available. The tax rules or their interpretation in relation to an investment in the Baronsmead VCTs and/or rates of tax may change during the life of the Baronsmead VCTs and any such changes can be retrospective. Changes in legislation concerning VCTs in general, and qualifying holdings and qualifying trades in particular, may limit the number of new qualifying investment opportunities and/or reduce the level of returns that would otherwise have been achievable. The value of tax reliefs depends on the personal circumstances of the holders of the share in the Baronsmead VCTs, who should consult their own tax advisers before making any investment.

While it is the intention of the Directors of the Baronsmead VCTs that the VCTs will be managed so as to continue to qualify as VCTs, there can be no guarantee that the Baronsmead VCTs will maintain VCT status. If a company that has been granted approval as a VCT subsequently fails to comply with the conditions for approval, approval as a VCT may be withdrawn. In these circumstances, relief from income tax on the initial investment is repayable unless loss of approval occurs more than five years after the issue of the relevant VCT shares. In addition, relief ceases to be available on any dividend paid in respect of profits or gains in any accounting period ending when VCT status has been lost and any gains on the VCT shares up to the date from which loss of VCT status is treated as taking effect will be exempt, but gains thereafter will be taxable.

What is a VCT?

A VCT is a particular type of investment company. They were established by the UK Government with the intention of encouraging investments in smaller, or "venture" UK companies. Investment in VCTs is high risk and for the long-term.

Subject to certain criteria, the VCT and the individuals who invest in them can benefit from various tax benefits. The value of the reliefs depends on the personal circumstances of holders of shares in VCTs. If a VCT loses its status as a VCT, an investor could lose the tax reliefs available on VCT shares resulting in adverse tax consequences for the investor.

This website is maintained by Livingbridge VC LLP, which is the manager of the Baronsmead VCTs. It is a financial promotion which has been made and approved for the purposes of section 21 Financial Services and Markets Act 2000 by Livingbridge VC LLP