Anyone craving certainty for their investments in the current climate is, it would seem, out of luck, writes Jack Rose, head of tax-efficient products at LightTower Partners.
The sense of unease - and I simply refuse to mention the dreaded 'B word' - makes investing in tax-efficient products right now doubly difficult.
At the same time that general investment climate in the UK is unsettled, the products themselves are by design becoming riskier.
The push from the government in recent years has been to more clearly focus the advantages afforded by the various schemes - from VCTs through to EIS, SEIS and business property relief - towards engineering greater investment in growth opportunities.
Such was the outcome from last year's Patient Capital Review, a process which in itself caused something of a frenzy for tax-efficient products at the tail end of the fundraising season for 2017/2018.
Fed by Chinese whispers over what the Government might be planning, money poured into some very large-scale offerings in the VCT sector last year as investors sensed (wrongly as it turned out) the potential closing off of some tax-efficient routes.
Instead, the review served to emphasise the already evident desire for the Government to see growth enterprises - whether start-up, scale-up or further up the ladder - as the ultimate beneficiaries of its tax largesse.
The figures released by the AIC for this year's fundraising show similar levels of investment between the 2017/18 and 2018/19 tax years, at £728m and £731m respectively.
The raise this year however is the highest amount raised since the rate of income tax relief reduced to 30% in 2006 and is the second highest since VCTs inception.
There has been, as is usual, a last-minute rush of money as investors attempt to squeak under the wire. In the last week of the tax year, around £49m of cash was raised, the highest weekly total of this tax year.
Indeed, compared to last year the money has very much been late in appearing in the VCT market. The total funds raised in the calendar year-to-date - the last quarter of the tax year - stood at around £500m or more than 1.5 times the same quarter in 2017/18.