VCT Early Bird Ends
1 April 2026, 3:00pm
Last point for the current offer and early bird discount.
View all deadlines →KI EIS Fund Close
2 April 2026, 5:00pm
Final fund close for Par KI EIS Fund IV and last carry-back window.
Check key timings →Tax Year End
5 April 2026, midnight
Useful for client planning conversations and final application checks.
Open key documents →Important planning note
Deadlines below refer to receiving a completed application and cleared funds by the stated time. Please allow extra time for additional checks, document queries and bank processing.
Typical processing time: Allow 3-5 business days for bank transfers to clear and applications to be reviewed.
About PXN
A New Chapter in UK Investment
PXN Investments brings together two award-winning investment teams with a proven track record, delivering returns for investors every year since 2013.
£660m+
Assets under management
£403m+
Invested directly into UK companies
110+
Portfolio companies backed
1,860+
Investors
EIS Manager of the Year
3 times in the last 4 years
Best EIS Investment Manager
Growth Investor Awards
Delivering Returns
Every year since 2013
Past performance is not a reliable indicator of future results. Capital at risk.
Learning & CPD
Webinars for Advisers
Tax year end webinars for financial advisers covering VCT due diligence, KI EIS opportunities, carry-back planning and estate planning conversations.
On-Demand
KI EIS
Par KI EIS Pipeline Preview
A short KI EIS webinar for financial advisers covering Fund IV ahead of close, carry-back relevance for 2024/25 and a preview of opportunities currently in focus.
Watch On-Demand
On-Demand
VCT
Inside Praetura Growth VCT: What Sets Us Apart
A VCT webinar for advisers focused on due diligence, portfolio construction, current deployment and what differentiates Praetura Growth VCT at tax year end.
Watch Highlights
On-Demand
CPD Accredited
Trusts in Practice
A practical estate planning webinar for financial advisers covering trust structures, inheritance tax planning conversations and common suitability scenarios.
Watch Now
On-Demand
EIS & KI EIS
A Practical Guide to EIS Opportunities
An adviser-focused EIS webinar on how EIS and KI EIS can support portfolio construction, tax-efficient investing and client suitability discussions.
Watch NowQuick Reference
Tax Relief Comparison
Compare the key tax benefits across our VCT, EIS and BR offerings for the 2025/26 tax year.
| Feature | VCT | EIS | KI EIS | BR |
|---|---|---|---|---|
| Income Tax relief | 30%* | 30% | 30% | ✗ |
| Annual investment limit | £200,000 | £1,000,000 | £2,000,000 | No annual limit† |
| Capital Gains Tax deferral | ✗ | ✓ | ✓ | ✗ |
| Tax-free dividends | ✓ | ✗ | ✗ | ✗ |
| Tax-free growth | ✓ | ✓ if held 3+ years | ✓ if held 3+ years | ✗ |
| Loss relief | ✗ | ✓ | ✓ | ✗ |
| Inheritance Tax relief (Business Relief) | ✗ | ✓ after 2 years** | ✓ after 2 years** | 100%** after 2 years |
| Carry-back to previous tax year | ✗ | ✓ | ✓ | ✗ |
| Minimum holding period | 5 years | 3 years | 3 years | 2 years |
*VCT Income Tax relief reduces from 30% to 20% from 6 April 2026. **From 6 April 2026, 100% Business Relief is limited to the first £2.5m of combined qualifying APR/BPR assets per estate; 50% relief applies above this threshold. Unused allowance is transferable between spouses/civil partners (so couples can pass up to £5m with 100% relief). For trusts, the allowance resets every 10 years. †No annual investment limit, but IHT relief capped at £2.5m per estate. Tax treatment depends on individual circumstances and may change. Tax reliefs depend on companies maintaining qualifying status.
Important Dates
Year-End Deadlines
Key cut-offs for the 2025/26 tax year. We recommend submitting ahead of these dates where possible.
Praetura Growth VCT
Early bird deadline (2% initial fee discount)
1 April 2026, 3:00pm
Completed application + cleared funds
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Par Equity KI EIS Fund IV
Final closing for 2025/26 tax relief
2 April 2026, 5:00pm
Completed application + cleared funds
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Deadlines and availability may change. Please refer to the latest fund documents and contact us for confirmation.
Tax Planning
Understanding Carry-Back Relief
EIS and KI EIS investments can be carried back to the previous tax year, giving your clients more flexibility.
EIS & KI EIS Carry-Back
Investments made in the current tax year can be treated as if made in the previous tax year for Income Tax relief purposes.
- 2025/26 investments can be carried back to 2024/25
- Must have unused relief capacity in the earlier year
- Particularly useful for clients with higher income in the previous year
- Capital Gains Tax deferral can also be carried back
Example: A client invests £50,000 in KI EIS in March 2026. They can elect to carry back to 2024/25 and claim £15,000 Income Tax relief against that year's liability.
VCT - No Carry-Back
VCT investments cannot be carried back to a previous tax year. Relief is only available in the year of investment.
- 2025/26 investments receive relief in 2025/26 only
- Must have sufficient Income Tax liability in the investment year
- Relief cannot exceed total Income Tax liability for the year
- Plan VCT investments based on current year income
Important: VCT Income Tax relief is 30% until 5 April 2026, reducing to 20% from 6 April 2026 onwards.
How It Works
Application Process
A clear guide to submitting applications ahead of tax year end deadlines.
1
Download Documents
Access the latest prospectus, information memorandum and application forms from the resources section below.
2
Complete Application
Fill in all required sections including client details, investment amount and adviser declaration.
3
Submit & Transfer
Send completed application and arrange bank transfer. Include client reference on payment.
4
Confirmation
Receive confirmation once application and funds are processed. Tax certificates issued after allotment.
Allow 3-5 business days for bank transfers to clear and applications to be reviewed. For tax year end, we recommend submitting applications at least one week before the deadline to allow for any queries.
Client Planning
Choose The Right Investment Solution
Compare VCT, KI EIS, EIS and Business Relief options based on the outcome your client is targeting at tax year end.
Start with the objective
Use the filters below to sort by the tax planning outcome the client actually wants, not just the product wrapper.
Then check timing
At tax year end, deadline and carry-back flexibility can matter as much as the headline relief itself.
Then open documents
Each card links directly to the supporting documents you’ll need for suitability, due diligence and application.
Praetura Growth VCT
VCTBest for clients who want upfront income tax relief together with tax-free dividends and are comfortable committing capital for at least five years.
- Best used forIncome tax planning with tax-free dividend potential
- Planning noteCurrent 30% relief reduces to 20% from 6 April 2026
- 30% Income Tax Relief* on investments up to £200k
- Tax-free dividends and capital gains
- 5 year minimum holding period
Par KI EIS Fund IV
Knowledge Intensive EISA close-dated KI EIS fund for clients who can use larger amounts of income tax relief, value carry-back flexibility and are investing ahead of a specific fund close.
- Best used forIncome tax relief, carry back, CGT deferral and IHT planning
- Planning noteFund IV closes 2 April 2026 and may suit clients considering carry back to 2024/25
- 30% Income Tax Relief on investments up to £2m
- CGT Deferral and IHT relief after 2 years
- 8-12 company diversified portfolio
Par Evergreen EIS
Standard EISA rolling EIS option for clients who want EIS tax reliefs without relying on a single tax-year-end fund close or one fixed deployment window.
- Best used forFlexible EIS planning with ongoing deployment
- Planning noteSuitable where timing flexibility and year-round deployment matter more than a fixed close date
- 30% Income Tax Relief on investments up to £1m
- CGT Deferral and IHT relief after 2 years
- Rolling deployment for year-round investing
Praetura IHT Planning Service
Business ReliefBest for later-life planning conversations where inheritance tax mitigation is the main objective and access to capital remains important.
- Best used forInheritance tax planning through Business Relief
- Planning noteFocused on estate planning rather than upfront income tax relief
- 100% IHT Relief after 2 year holding period
- 4.5%+ target return with capital preservation focus
- Access to capital during investor's lifetime
*VCT Income Tax relief reduces from 30% to 20% from 6 April 2026. Tax treatment depends on individual circumstances and may change.
Free Resources
Adviser Guides
Download adviser guides for VCT tax relief, inheritance tax planning and broader tax year end client conversations.
Free CPD Resource
VCT Adviser Guide 2026
A comprehensive 42-page guide covering VCT tax reliefs, Autumn Budget 2025 changes, client suitability, and income generation strategies.
- Post-Budget tax relief analysis
- Client suitability frameworks
- Real-world case studies
Free Guide
A Guide to Understanding Inheritance Tax
A practical guide to IHT planning for financial advisers. Covering the fundamentals of IHT, available reliefs, and strategies to help clients protect their estate.
- IHT thresholds and exemptions
- Business Relief planning strategies
- Client conversation frameworks
Downloads & Resources
Adviser Documents
Access the latest VCT and KI EIS prospectuses, information memoranda, KIDs, application forms and adviser suitability resources for tax year end 2026.
Most used · VCT
VCT Prospectus
Core VCT tax year end document covering offer terms, risks and suitability considerations.
Open PDF →Most used · KI EIS
KI EIS Information Memorandum
Key KI EIS fund document covering strategy, structure, carry-back relevance and investment terms.
Open PDF →Most used · KI EIS
KI EIS Application Form
Advised application form for financial advisers submitting KI EIS investments ahead of fund close.
Open PDF →Most used · Guide
VCT Adviser Guide 2026
Detailed adviser guide for VCT suitability, relief changes and client tax year end conversations.
Open guide →Praetura Growth VCT Prospectus
→Full prospectus including investment strategy, risks, and terms.
Praetura Growth VCT Overview
→Summary overview of the VCT fund and key features.
VCT Key Information Document (KID)
→Client-friendly summary of key features, risks and costs.
VCT Application Form
→Downloadable PDF application form for advised clients.
VCT Suitability Template
→Adviser suitability letter template for VCT recommendations.
VCT Adviser Guide 2026
→Comprehensive 42-page guide covering tax reliefs, client suitability, and case studies.
KI EIS Fund IV Information Memorandum
→Fund details, strategy, and investment terms for Knowledge Intensive EIS.
KI EIS Fund IV Key Information Document
→Client-friendly summary of key features, risks and costs.
KI EIS Fund IV Application Form (Advised)
→Application form for advised clients investing in KI EIS Fund IV.
KI EIS Fund IV Investment Agreement
→Legal investment agreement terms and conditions.
KI EIS Product Governance Document
→Target market and distribution strategy information.
KI EIS High Risk Investments Wording
→Required risk disclosure wording for client communications.
EIS Carry-Back Guide
→On-page guide explaining EIS carry-back relief for clients.
EIS Fund Information Memorandum
→Fund details, strategy, and investment terms for Par Equity EIS.
EIS Fund Key Information Document
→Client-friendly summary of key features, risks and costs.
EIS Fund Application Form (Advised)
→Application form for advised clients investing in EIS Fund.
EIS Fund Investment Agreement
→Legal investment agreement terms and conditions.
EIS Product Governance Document
→Target market and distribution strategy information.
EIS Carry-Back Guide
→On-page guide explaining EIS carry-back relief for clients.
PITPS Information Memorandum
→Full details on the IHT Planning Service including strategy and terms.
PITPS Quarterly Report Q4 2025
→Latest quarterly performance report for the IHT Planning Service.
PITPS Due Diligence Pack
→Comprehensive due diligence materials for adviser review.
PITPS Suitability Report Template
→Editable suitability report template for advised client recommendations.
PITPS Application Form (Advised)
→Advised client application form for the IHT Planning Service.
A Guide to Understanding Inheritance Tax
→Practical guide covering IHT thresholds, available reliefs, and planning strategies for advisers.
PITPS Investor Agreement
→Legal investor agreement and terms for the IHT Planning Service.
No documents match your filters. Try adjusting your selection.
Risk note: VCTs and EIS are high-risk investments in small, unquoted companies. They are illiquid and you may lose all money invested. Tax reliefs depend on maintaining qualifying status and may change. Independent advice is recommended.
Adviser Tools
Create Client Illustrations
Generate personalised investment illustrations for your clients in minutes.
Our illustration tools help you demonstrate the potential tax benefits and investment scenarios for your clients. Simply enter the investment amount and client details to generate a personalised illustration that you can share or print.
Par EIS Illustration
Create an illustration for Par Equity EIS and KI EIS investments showing income tax relief and potential returns.
Create IllustrationVCT Illustration
Create an illustration for Praetura Growth VCT investments showing income tax relief, dividend expectations and growth scenarios.
Create IllustrationIHT Planning Illustration
Create an illustration for Praetura IHT Planning Service showing Business Relief benefits and estate planning scenarios.
Create IllustrationCommon Questions
Frequently Asked Questions
Quick answers to common questions about tax year end applications.
If funds don't clear by the deadline, the investment will be processed in the next tax year. We cannot backdate applications. To avoid this, submit applications and arrange transfers at least one week before the deadline.
Platform availability varies by product. The VCT is available through select platforms. For KI EIS, direct applications are required. Check the relevant documents or contact us for current platform availability.
VCT tax certificates (VCT5) are typically issued within 6-8 weeks of allotment. EIS3 certificates are issued after investments are made into qualifying companies, which may take longer depending on deployment timelines.
Minimum investments vary by product. Check the prospectus or information memorandum for specific minimums. Some products have different minimums for advised vs direct investors.
Yes. If your client has already paid their Income Tax for the year, they can claim a refund from HMRC after receiving their tax certificate. Relief certificates are sent directly to clients.
Some funds may close before the deadline if they reach capacity. We recommend submitting applications early to secure allocation. Contact us to check current availability.
Why PXN Investments
We provide comprehensive alternative investment solutions backed by expert knowledge and proven results.
Tax-Efficient Investment
Maximise tax benefits through VCT, EIS, and Business Relief solutions.
Expert Due Diligence
Rigorous investment selection process with deep sector expertise.
Professional Support
Dedicated adviser support team to help with client cases.
Northern Focus
Supporting growth businesses across Northern England with £1bn ambition.
Ready to discuss a client case?
Whether you need help with timings, suitability considerations, or document selection, our adviser support team is here to help. Request a call-back and we'll be in touch.
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