It allows advisers seeking investments in smaller companies to purchase VCT shares – which previously had to be bought directly by an individual to qualify for tax relief – through an adviser platform or nominee account.
Before the rule change, shares in VCTs could only be moved to platforms once already purchased.
The launch, effective immediately, sees Octopus team up with the platform-provider in reaction to the implementation of the pensions reforms on 7 April.
Shaun Sandiford, head of platform distribution at Octopus, said: “The introduction of changes in pension legislation together with the cap on lifetime pension allowance mean that an increasing number of people are looking to VCTs to complement their existing retirement plans.”
Octopus’ announcement comes following a nine-year high in VCT inflows, with investors pouring £429m into the industry in 2014.
Ian Sayers, chief executive of the Association of Investment Companies, said: “This simplifies the purchasing process for advisers whilst maintaining the tax advantages of VCTs for investors, and will hopefully set a precedent for further availability of VCT shares on adviser platforms.
“It has been a great year for the sector, with strong fundraising and funds under management at a record high, and the availability of VCT shares on platforms gives even more reason for advisers to consider VCTs as part of a clients’ balanced portfolio.”
