Welcome to the latest issue of Tax-Efficient Investment (TEI) Magazine – our second issue of the year and the fourth since last year’s rebrand. In this edition, we bring together insights from across the tax-efficient investment sector, covering everything from Business Relief and inheritance tax planning to VCT fundraising and private market investing. Alongside analysis from familiar industry voices, we also feature interviews with leading figures shaping the conversation around tax-efficient investing.
We begin with the impact of the recent Business Relief changes, which have pushed inheritance tax planning firmly back up the adviser agenda. To explore what the reforms mean in practice, we gathered perspectives from industry experts including Octopus Investments, PXN Investments and Triple Point.
We also speak with Christiana Stewart-Lockhart, Director General of the EIS Association, who shares her views on the key developments so far this tax year, the factors influencing investor sentiment, and what advisers should watch over the coming months.
Last month’s special TEI edition of IFA Talk featured Mei Lim, Managing Partner at Anthemis, who discussed why tax-efficient investing in private markets is becoming an increasingly important component of UK portfolios. In this issue, we bring you the highlights from that conversation.
Our VCT section opens with analysis from MICAP (Defaqto), where Harry Morrison examines fundraising trends during the 2025/26 tax year, including the widening gap between inflows and target raises, as well as the effects of recent rule changes on the market.
We conclude with an exclusive Q&A featuring Peter Hicks of Chelsea Financial Services, who discusses whether the latest VCT reforms represent an opportunity or a challenge for investors, how demand has shifted in response to the changes, and the key risks advisers should keep in mind.
I hope you enjoy this issue of TEI Magazine, and I look forward to bringing you more throughout the year. In the meantime, you can catch up on the latest TEI editions of IFA Talk in the podcast section of our website.
Matt Williams
Tax-Efficient Investment Magazine Editor
