Ingenious, the alternative investment manager that specialises in the media sector, has closed its media EIS and VCT services to retail customers, citing difficulties over “…securing advance tax clearances for film, TV and games businesses following the implementation of a government policy review.”
The firm told GBI Magazine: “We have decided, with regret, to close our media EIS and VCT services to retail customers. This decision has been made in the interests both of financial advisers and investors and a strong pipeline of prospective investee companies.
“Our decision has been made in the light of reports coming from within the media sector, including the main trade body, which evidence widespread market uncertainty. We are particularly concerned about the difficulty of securing advance tax clearances for film, TV and games businesses following the implementation of a government policy review.
“We remain fully committed to investing in the media sector, of which we have long been champions, through other investment channels.
“Our Infrastructure EIS is unaffected by these issues and remains open for investment. In addition all of our business relief qualifying investments and Ingenious Real Estate Growth service remain open for investment.”
The firm announced on 10th January that it had launched Vision VCT and was looking to raise £10m to invest in a portfolio of unquoted companies with considerable growth potential across the media and entertainment sectors.
Vision VCT has now closed to investors.