Investing in Inheritance Tax Services involves taking on certain risks, mainly in relation to the value of the money you have invested and the tax treatment of the investments held in the services. The value of your investment may go down so you might get back less than you paid in.

Please refer to the terms & conditions for a full list of the risks.

• Capital is at risk: the value of investments and any income derived from them may go down as well as up and investors may not get back the full amount invested.
• Tax reliefs are not guaranteed: the rates of tax, tax benefits and allowances are based on current legislation and HMRC practice and dependent on personal circumstances. These may change from time to time and, as such, they are not guaranteed. In addition, any changes to the sectors that qualify as IHT trades may have a material adverse effect on the value of the shares or the ability to achieve the objectives of the Service.
• Qualifying investments are not guaranteed: there is no guarantee that sufficient investments in IHT qualifying businesses will be made within the expected timetable, or at all. In addition, IHT qualifying businesses may subsequently cease to qualify for IHT relief. In such cases, the IHT relief could be delayed or lost.
• Investments are long-term and high-risk: investments must be held for at least two years and held at death to benefit from IHT relief. Although you can request a withdrawal from your portfolio (available twice a month), there could be a delay because the investments made through the Service will be in unquoted companies, the shares of which are less liquid than listed shares. Such investments are also considered to be higher risk than securities listed on the London Stock Exchange.
• Target returns are not guaranteed and you cannot rely on past performance: please remember that past performance is not a guide to future performance and there is no guarantee that the Service’s objectives will be achieved.
• Conflicts of interest: the IHT companies may co-invest alongside other funds managed or advised by Downing. With these relationships, there’s a chance that the interests of one group of investors will present a conflict with the interests of another group or with the interests of Downing. In the event of a conflict of interest, Downing’s investment committee will work to ensure that any conflicts are resolved fairly and in accordance with Downing’s conflicts policy.

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VCT investments are high risk. The value of your investment may go down so you might get back less than you paid in.

Please refer to the terms & conditions for a full list of the risks.

• Capital is at risk: The value of the shares and income derived from them can fluctuate. There’s no guarantee you’ll get back the amount you invest.
• Investments are long-term and high-risk: You should be prepared to hold your shares for a minimum of five years. Qualifying investments made by the Company will be in businesses which have a higher risk profile than larger “blue chip” companies and whose securities are not readily realisable and therefore may be difficult to realise.
  
• Tax reliefs are not guaranteed: The tax rules, or their interpretation, in relation to an investment in the Company and/or the rates of tax may change during the life of the Company. Changes may apply retrospectively, which could affect tax reliefs obtained by shareholders and the VCT status of the Company. If you dispose of your shares within five years of issue, you’ll have to repay any income tax reliefs originally claimed.
  
• Maintaining VCT status is not guaranteed: There can be no guarantee that the Company will retain its status as a VCT. Losing VCT status could lead to adverse tax consequences including a requirement for you to repay the 30% initial income tax relief.
  
• Shares may be difficult to sell: Although the Company’s shares are traded on the London Stock Exchange, there may not be a liquid market in the shares and you may find it difficult to sell them. In addition, the price at which shares are traded may not reflect their underlying net asset value.
  
• You cannot rely on past performance: There can be no assurances that the Company will meet its objectives or identify suitable investment opportunities. The past performance of the Company and other funds managed or advised by Downing is not a guide to future performance.
  
• There are investment restrictions: The Company’s ability to obtain maximum value from its investments may be limited by the VCT rules. Changes in the VCT rules may be applied retrospectively and may reduce the level of your returns. Several new investment restrictions came into force in 2015 and 2017, which include VCT funds being prohibited from being used to finance management buy-outs or the acquisition of existing businesses as well as the inclusion of a ‘capital-at-risk’ test. In addition, the maximum lifetime amount a company can receive from VCTs has been restricted, as well as limiting VCT investment to companies under a certain age.
  
• There are market risks: The investments the Company may make in funds comprising listed stocks will be subject to normal market fluctuations and other risks inherent in investing in securities.

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Don't invest unless you are prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong.

Please refer to the terms & conditions for a full list of the risks.

• Capital is at risk: The value of investments and the income derived from them may go down as well as up and you may not get back the full amount invested.
  
• Tax reliefs are not guaranteed: The rates of tax, tax benefits and allowances are based on current legislation and HMRC practice - these may change from time to time and as such, they are not guaranteed and are subject to personal circumstances.
  
• Qualifying investments are not guaranteed: There is no guarantee that sufficient investments in EIS companies will be made within the expected timetable, or at all. In addition, it is possible that the EIS companies may subsequently cease to qualify for EIS tax reliefs, in which case, the tax reliefs you receive could be delayed or lost.
  
• Diversification: This may not be achieved and investments may be in the same sector.
  
• Investments made through Downing Healthcare Impact EIS are long term and high risk: Investments in our EIS are in smaller, early-stage, and unquoted technology companies that are higher risk than those listed on the London Stock Exchange. The chances of smaller companies failing are relatively high. You should not consider investing if you think you may require access to your funds during the expected minimum holding period of between four and eight years from the date your shares were originally acquired.
  
• You cannot rely on past performance: Please remember that past performance is not a reliable guide to future performance and there is no guarantee that the service’s objectives will be achieved. As is the nature of making early stage investments, we expect some companies to fail. If a company does fail, investors can claim EIS loss relief and elect to set the EIS loss relief against income or capital gains (but not both). We will provide investors and advisers with all the necessary information to help with the application process once a company has been dissolved.

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