Recent weeks have seen trust managers redouble their efforts to rake in as much cash as possibe, with around £720 million (up from £520 million in 2004/05) raised in total.

Yet, despite pulling in around £350 million in the last two weeks alone, there seems little evidence to suggest that Gordon Brown’s budget day decision to slash VCT tax-relief, from 40 per cent to 30 per cent next year, has played much of a role.

‘Things have followed an almost identical pattern to last year,’ explains Matrix director Bridget Gueria, ‘which I think owes less to the budget and more to the fact that people leave their tax-planning to the last minute. Some commentators were forecasting £800,000.’

Matrix Income and Growth VCT 3 (£20 million), Pennine AIM VCT 6 (£25 million) and Downing Protected VCT IV & V (£40 million) are amongst those to have finalised significant fundraisings in recent days.