If you wish to sell your VCT shares, you can do this on the London Stock Exchange through a stockbroker. The shares would then be considered second-hand VCT shares and therefore do not offer upfront tax relief, so they may be more difficult to sell.
To solve this issue, the Board of Directors of Downing managed VCTs offer a ‘buy-back’ scheme where they will buy back these shares from VCT investors, often at a discounted price to the net asset value (NAV) of the shares. You will still need your own stockbroker to be able to action the buy back.
Although Downing managed VCTs have always actioned buy-back requests, they are under no obligation to offer buybacks to shareholders and will only do so if they have sufficient cash reserves to meet their obligations.
Please be aware that if you haven’t held your shares for the minimum holding period of five years before selling, you may have to pay back HMRC any income tax relief you claimed.