Oxford Technology is the specialist
Welcome to Oxford Technology
The OT(S)EIS Fund - Currently Open for Investment
"I have been thoroughly impressed with the portfolio of investments you have created for me. As well as showing some extremely positive early successes, these investments are also well distributed and in technologies that I would not normally be able to access." - Current Investor in OT(S)EIS
OT(S)EIS Information Memorandum
Latest Quarterly Report - OT(S)EIS 30 Jun 2015
For more than 30 years, Oxford Technology has specialised in investing in start-up and early stage technology companies based near Oxford. Investments in start-up technology companies are notoriously among the highest risk forms of investment. There are so many things which can and do go wrong. But the SEIS scheme greatly reduces the losses on any failures. And the other side of the high risk coin is that the capital gains when things go well can be substantial. And under the SEIS and EIS schemes all such gains are free of tax.
So, Oxford Technology has issued and Information Memorandum seeking to raise funds to be invested, provided good quality opportunities can be found, in SEIS technology start-ups, and then in years 2-3 in follow on EIS investments, in those of the earlier SEIS investees which are developing well.
The fund has begun making investments, but OT(S)EIS remains open to new investors.
Information on this fund, and how to apply, can be found here: OT(S)EIS Information
Previous Funds
Oxford Technology also continues to manage four of its previous funds, the Oxford Technology Venture Capital Trusts. These are now fully invested, but information on these funds can be found here: Venture Capital Trusts
Latest News
Oxford Technology VCTs - Notice of AGM & Proxy Forms
The Oxford Technology VCTs will hold their AGMs on the 26th August 2015.
For copies of the formal notice and proxy forms, please use the following links:
Tuesday, July 21, 2015Oxford Technology VCTs release Quarterly Updates
The Oxford Technology VCTs have released their quarterly updates for quarter ending 31 May 2015. The unaudited Net Asset Values at that date are as follows:
OT1 VCT - 75p Dividends to date 52.7p
OT2 VCT - 28.6p Dividends to date 10.5p
OT3 VCT - 103.3p Dividends to date 10p
OT4 VCT - 79p Dividends to date 17p, with a further 10p dividend announced for payment on 7th August 2015
For more in depth details, please consult the RNSs using the following links:
Thursday, July 16, 2015Oxford Technology VCTs announce changes to their Boards
The Oxford Technology VCTs have appointed new Directors. They will now have a common board of 4 Directors (Alex Starling, Richard Roth, Robin Goodfellow, and David Livesley).
For more in depth details, please consult the RNSs released today using the following links:
Friday, July 03, 2015Lightpoint Medical wins UKBAA Award for Best Crowdfunding-Angel Investment of the Year
One of OT(S)EIS' Investee Companies has just won this prestigious award. For further details, please visit their LinkedIn page here:
LinkedIn - Lightpoint Medical Thursday, July 02, 2015
VCT Annual Financial Results Announced
The Net Asset Values as at 28th February 2015 have been announced as:
OT1 VCT - 65p Dividends to date 52.7p
OT2 VCT - 27.8p Dividends to date 10.5p
OT3 VCT - 95.6p Dividends to date 10p
OT4 VCT - 66p Dividends to date 17p, with a further 10p dividend announced for payment on 7th August 2015
Tuesday, June 30, 2015OT4 - Sale of Impact Technologies
At close of business on Friday 29 May 2015, Impact Technologies was acquired by Castleton Technologies Plc for £5m. Further details are available in an RNS announcement, viewable here:
Monday, June 1, 2015OT1 - RNS announcement regarding Scancell Share Price
The Directors of Oxford Technology VCT have issued an RNS regarding the recent reduction in Scancell's share price, viewable here:
Wednesday, March 25, 2015Investee company 'Expend' in the news
One of OT(S)EIS's investee companies, Expend, has recently been in the news. To read the article, please follow this link:
"Coming soon - a new way to simplify expenses from Expend"
Thursday, March 12, 2015WARNING - e-mail Scam
It has been brought to our attention that e-mails are being sent out in our name, requesting a payment for an attached invoice. These e-mails are not coming from Oxford Technology. We would recommend that you do not download or open the attachments, and instead delete and ignore the e-mail.
Should you have any queries or concerns, please contact Guy Daws at guy@oxfordtechnology.com
Thursday, January 08, 2015VCT 3rd Quarter Results Announced
The Net Asset Values as at 30th November 2014 have been announced as:
OT1 VCT - 72p Dividends to date 52.7p
OT2 VCT - 27p Dividends to date 10.5p
OT3 VCT - 100p Dividends to date 10p
OT4 VCT - 68p Dividends to date 17p
Tuesday, December 23, 2014VCT Interim Results Announced
The Net Asset Values as at 31st August 2014 have been announced as:
OT1 VCT - 68p Dividends to date 52.7p
OT2 VCT - 27p Dividends to date 10.5p
OT3 VCT - 98p Dividends to date 10p
OT4 VCT - 73p Dividends to date 17p
The Interim Statements are available to download from the VCT section of this website.
Tuesday, October 21, 2014HMRC confirms continuation of VCT Status OT1 and OT3
Shareholders will be aware from an RNS on 13 March 2014 that Oxford Technology VCT Plc and Oxford Technology 3 VCT Plc (OTVCT)had received notice that Her Majesty's Revenue and Customs ("HMRC") had withdrawn VCT approval for the Company due to a purchase of shares in Scancell Holdings Plc ("Scancell") which HMRC considered as breaching the VCT rules.
Following analysis and representations by OTVCT's legal advisors, Joseph Hage Aaronson LLP ("JHA") and Jonathan Bremner of Counsel, HMRC notified OTVCT that it had set aside that decision pending further review (see RNS of 6 June 2014). Subsequently, following further representations by our legal advisors, HMRC indicated that it was reserving its position and that corrective action was required to be taken in order for OT VCT to retain VCT status (see announcement to shareholders of 5 August 2014). A proposal for the necessary corrective action was made by JHA on 12 August 2014. On 5 September 2014, HMRC indicated that it would be minded to permit the VCT to retain its VCT status for tax purposes provided that the corrective steps proposed by JHA were taken within an agreed timescale.
Following this indication, we have continued to work together with HMRC towards a satisfactory conclusion. We are now pleased to be able to confirm that the corrective steps proposed by our legal advisors have been successfully completed and HMRC have been so informed. We have received formal acknowledgement from HMRC that the corrective action taken has been sufficient and that OT VCT will now retain VCT status going forward subject to continued compliance with VCT rules.
This means that the tax reliefs previously given to the VCT and its shareholders will not be disturbed, and the entitlement to benefit from future reliefs available to VCTs will likewise continue.
Following the corrective action, the VCT's holding in Scancell is now as it was prior to July 2013. The corrective action undertaken has resulted in no financial gain or loss to the VCTs.
We wish to record our appreciation for the constructive way in which HMRC have engaged with us during the last six months. We also wish to thank Joseph Hage Aaronson LLP and Jonathan Bremner for their pro-active and professional work, which has enabled this matter to be brought to its satisfactory conclusion.
The Directors look forward to being able to focus future discussions with shareholders on the progression of the portfolio. As shareholders will be aware from reading the Annual Report, the OT1 portfolio contains some exciting (if still relatively early stage) companies, and the Directors continue to focus on generating maximum value for shareholders from OT VCT's holdings in these.
The content of this RNS has been approved by HMRC.
Friday, September 12, 2014AGM Results
The AGMs for all four Oxford Technology VCTs took place on the 27th of August. All resolutions were passed.
The Proxy Votes were as follows:
Wednesday, August 27, 2014AGM - Wednesday 27th August
The AGMs for all four Oxford Technology VCTs will be taking place on the 27th of August, at the Magdalen Centre, Oxford Science Park. For further details, please download the relevant files below:
Tuesday, August 05, 2014Decision by HMRC to withdraw VCT approval for OT1 & OT3 set aside - HMRC will reconsider afresh the issue of withdrawal of VCT approval
Following consideration of a legal opinion given on behalf of the Oxford VCTs by Graham Aaronson QC and Jonathan Bremner of Counsel, instructed by Joseph Hage Aaronson LLP, HMRC have today notified Joseph Hage Aaronson LLP that the decision dated 7 March 2014 to withdraw venture capital trust approval from Oxford Technology VCT Plc ("OT1") and Oxford Technology 3 VCT Plc ("OT3") has been set aside.
HMRC will now consider afresh whether it will be appropriate to withdraw VCT status from OT1 and OT3, and to assist their consideration of this matter they have invited Joseph Hage Aaronson LLP to make additional representations relating to the issue.
The effect of this is that the VCT status of OT1 and OT3 is, at the moment, to be treated as not having been withdrawn so that shareholders need not take any steps in relation to this matter. If, in the light of the further representations HMRC decide that VCT approval should not be withdrawn then that will conclude the matter so far as the shareholders' tax position is concerned.
If, on the other hand, HMRC decide that such approval should be withdrawn, then shareholders will be notified accordingly and will need to consider what steps they should take.
Friday, June 06, 2014VCT Annual Financial Results Announced
The Net Asset Values as at 28th February 2014 have been announced as:
OT1 VCT - 65p Dividends to date 52.7p
OT2 VCT - 26p Dividends to date 10.5p
OT3 VCT - 98p Dividends to date 10p
OT4 VCT - 69p Dividends to date 17p
Tuesday, May 27, 2014Details of Guidance from HMRC regarding Notifications
[Details taken from e-mail communication with HMRC]
Income tax relief - notification
Where an event occurs that results in any “VCT relief” (upfront income tax relief) falling to be withdrawn, an investor must within 60 days of “coming to know of the event” give notice to HMRC. It is only those investors who were issued shares within 5 years of the date of the withdrawal (7 March 2014) that will be effected.
We would recommend that notification is sent to our Small Company Enterprise Centre which administers the venture capital schemes:
Small Company Enterprise Centre (Admin team)
Medvale House
Mote Road
Maidstone Kent
ME15 6AF
Telephone: 03000 588907
e-mail enterprise.centre@hmrc.gsi.gov.uk
To withdraw the relief HMRC will be required to make assessments on the investors for the tax year in which the relief was obtained. We would not intend to make these assessments until the withdrawal has been determined as final, however if the appeals are to be heard by the tribunal we may consider issuing protective assessments sooner due to the expected delay in any hearing taking place. Any assessments made under these circumstances would include an explanation that they were protective and could be appealed against and stayed pending settlement of the VCTs’ own appeals. Should we move to issue assessments we would give you advance notice.
Withdrawal of CGT deferral relief
Investors who may have deferred gains brought back into charge are not under an obligation to notify HMRC at this time as this will be treated as a chargeable event occurring on the date of withdrawal and will fall within the 2013/14 tax year. We would expect any gains to be included in investor’s 2013/14 tax returns which would be due on 31 January 2015. Should the withdrawal still be under appeal at this point we would expect investors to include reference to the gain with a note of the circumstances within their tax return.
Details of the impact of withdrawal of VCT approval on investors were summarised in the statement HMRC published on 20 March, available here
http://www.hmrc.gov.uk/news/vct-note.pdf
Thursday, May 22, 2014OT1 & OT3’s appeal against HMRC withdrawal of VCT approval – Update
At the meeting held 28 April between HMRC and Oxford Technology and its legal advisers, it was agreed that certain detailed arguments in support of the VCTs' appeal would be submitted in writing to HMRC, who will consider them as urgently as possible.
It is expected that these detailed arguments will be provided to HMRC before the end of this week.
Wednesday, April 30, 2014OT1 & OT3’s appeal against HMRC withdrawal of VCT approval – Next Steps
On 26 March 2014 OT1 and OT3 appealed against HMRC’s withdrawal of VCT approval. The appeal will be led by Graham Aaronson QC of Joseph Hage Aaronson LLP.
The statutory appeal process requires that the appeal is first made to HMRC. In the event that the matter cannot be resolved at that initial stage, provision is then made for a review by HMRC of its decision and, if the outcome of the review is not favourable, an appeal to the First-tier Tribunal (Tax Chamber), which is independent of HMRC.
HMRC has helpfully offered to meet to discuss the appeals process and any request for re-approval with Oxford Technology directly. Oxford Technology has accepted this offer and it will therefore be engaging in a dialogue with HMRC in order to determine whether this matter can be resolved by agreement. To this end a meeting has been scheduled for 28 April 2014 between HMRC and Oxford Technology.
If resolution cannot be reached via agreement, the further avenues of review and appeal will thereafter be explored. If it is necessary to pursue the appeal process to the First-tier Tribunal, the likely timescale for such a hearing is in the region of 9 to 14 months from the lodging of the appeal with the Tribunal.
Individuals who have invested in OT1 and OT3 should, as previously indicated, seek their own personal financial advice from their stockbroker, bank manager, solicitor, accountant, fund manager or other independent financial adviser who specialises in advising on the acquisition or disposal of shares in order that they may ascertain the implications associated with the Company losing its VCT approval and take appropriate action.
Further announcements will be made to keep shareholders fully informed of developments.
Thursday, April 17, 2014OT1 & OT3 lodge appeal against HMRC withdrawal of VCT approval
OT1 & OT3 have sent a letter of appeal to HMRC, dated 26th March.
The appeal will be led by Graham Aaronson QC of Joseph Hage Aaronson LLP.
Further announcements will be made to keep shareholders fully informed of developments.
Thursday, March 27, 2014OT1 & OT3 - VCT approval withdrawn
Owing to an inadvertant technical error, HMRC has withdrawn VCT approval from OT1 & OT3. Oxford Technology intends to appeal against this decision.
For more information, please read the following announcements on the London Stock Exchange:
OT2 & OT4 are unaffected by this withdrawal.
Friday, 14 March, 2014VCT 3rd Quarter Results Announced
The Net Asset Values as at 30th November 2013 have been announced as:
OT1 VCT - 61p Dividends to date 52.7p
OT2 VCT - 26p Dividends to date 10.5p
OT3 VCT - 93p Dividends to date 10p
OT4 VCT - 67p Dividends to date 17p
Friday, December 20, 2013VCT Interim Results Announced
The Net Asset Values as at 31st August 2013 have been announced as:
OT1 VCT - 70p Dividends to date 52.7p
OT2 VCT - 26p Dividends to date 10.5p
OT3 VCT - 100p Dividends to date 10p
OT4 VCT - 67p Dividends to date 17p
Monday, October 07, 2013 All news stories »