RISK WARNINGS Your attention is drawn to the following risk warnings which identify some of the risks associated with Venture Capital Trusts (VCT): The value of your investment in a VCT and the income from it can go down as well as up and you may not get back the amount invested. An investment in a VCT may not be suitable for all investors and you should only invest if you understand the nature of and risks inherent in such an investment and, if in doubt, you should seek professional advice before effecting any such investment. Past performance is not a guide to future performance. Changes in legislation may adversely affect the value of the investments. The levels and the bases of the relief's from taxation may change in the future. You should seek your own professional advice on the taxation consequences of any investment. An investment in a VCT carries a higher risk than many other forms of investment. A VCT’s shares, although listed, may be difficult to realise. You should regard an investment in a VCT as a long term investment, particularly as regards a VCT’s investment objectives and policy and the five year period for which shareholders must hold their ordinary shares to retain their initial income tax reliefs. The investments made by VCTs will normally be in companies whose securities are not publicly traded or freely marketable and may therefore be difficult to realise and investments in such companies are substantially riskier than those in larger companies. If a VCT loses its HMRC approval tax reliefs previously obtained may be lost.    The Tax Efficient Review is published by Tax Efficient Review Ltd. Copyright © 2012 Martin Churchill.