And because, under Inland Revenue rules, money invested in a VCT has to be locked in for a minimum of three years investors could find that they have plenty of time to regret their choice.

BBC: NEWS | Business | Worries over 'must have' investments

John Mackie, chief executive of the British Venture Capital Association, the VCT industry body, told BBC News that it was up to VCT fund managers to decide what to do if they fail to raise enough money.

BBC: NEWS | Business | Worries over 'must have' investments