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Looking to invest?

Calculus Capital is investing in some of the most exciting companies in the UK. These companies may be using technology to bring innovation to established industries or making ground-breaking advances in the treatment of common illnesses. Calculus has been investing in companies in thriving areas of the UK economy since 1999, and our approach has remained consistent – we back growing, entrepreneurial companies led by talented management teams.

We offer investment opportunities via our Calculus Knowledge Intensive EIS Fund, Calculus EIS Fund and Calculus VCT. All products invest in small, unquoted trading companies or companies listed on the Alternative Investment Market (AIM). Each scheme is designed to help smaller growing companies raise finance by offering a range of tax reliefs to investors who purchase new shares in those companies.

Tax benefits depend on the individual circumstances of each investor and may be subject to change in the future.

Maximum Investment£1,000,000 or £2,000,000 for Knowledge Intensive EIS Fund£200,000
Income Tax Relief30%30%
Holding Period3 years*5 years*
One Year Carry BackYesNo
DividendsTaxable (but not often paid)Exempt from tax
Capital Gains Tax (CGT)Gains exempt after three yearsGains exempt from tax
CGT deferral reliefYesNo
IHT Relief Yes**No
Loss Relief YesNo

*minimum holding period to retain tax reliefs

**If shares have been held for 2 years at the date of death they can be passed on to a beneficiary free from IHT

The information given above provides only a summary of the tax benefits. The rates shown are based on current UK legislation which could change in the future, possibly retrospectively. If you are unsure of your tax situation you should seek professional advice from a qualified tax adviser.

Investment Strategy for EIS and VCT

Calculus backs the innovators, the experts, the game changers.

We invest in entrepreneurial businesses with growth potential, across the fastest growing sectors in the UK. The Calculus EIS Fund and Calculus VCT portfolio is focused around Technology, Healthcare and Entertainment. The Knowledge Intensive EIS Fund focuses on IP led businesses within Technology and Healthcare:


The UK is Europe’s number one technology nation, having raised double the amount of VC funding of any European market in 2022*. This hotbed of entrepreneurial activity and innovation presents a strong investment opportunity.

Within technology we predominantly look for companies providing software as a service (SaaS) to an already established client base.


The UK healthcare sector holds the solutions to some of today’s most urgent global challenges. From fighting pandemics to creating treatments to further advance patient care, the UK’s internationally renowned private, public and academic organisations are paving the way to new scientific discoveries.

Within the healthcare sector we typically invest in diagnostics, pharmaceutical services and drug discovery companies with existing partnerships with large pharma.

Entertainment (only in Calculus EIS Fund and Calculus VCT)

The creative industries in the UK have grown at more than 1.5x the rate of the wider economy over the past decade**. UK creative content companies have an established track record of producing award winning, commercially successful films and television shows watched by millions worldwide.

*Tech Nation Report 2022

** June 2023

Calculus EIS

Tax free capital growth via the Calculus EIS Fund

Calculus VCT

Tax free income via the Calculus VCT

Calculus Knowledge Intensive EIS – CLOSED

Tax free capital growth via the Calculus Knowledge Intensive EIS Fund

Please note, tax benefits depend on the individual circumstances of each investor and may be subject to change in the future.

Looking for strategic support and financial backing?

Calculus Capital has over 20 years’ experience investing in small and medium sized companies. We pride ourselves on working in partnership with our investee companies, usually taking a seat on the board and providing advice on a strategic level – with the ultimate aim of realising the full potential of the business and its management. We invest across a variety of sectors, typically investing between £1m and £3m in entrepreneurial fast growing businesses that are UK based or have significant UK operations.

Financial Backing

We would be delighted to learn about your business and discuss whether Calculus could be a suitable investment partner

Find out more

We would be delighted to answer any queries you have. Please contact the Sales and Marketing team on 020 7493 4940.

Madeleine Ingram - Co-Head, Sales & Marketing – Calculus

Madeleine Ingram

Co-Head, Sales & Marketing

Francesca Rayneau - Co-Head, Sales & Marketing – Calculus

Francesca Rayneau

Co-Head, Sales & Marketing

Matthew Moynes - Sales & Marketing – Calculus

Matthew Moynes

Sales & Marketing

Oliver Warren - Sales & Marketing – Calculus

Oliver Warren

Sales & Marketing

Frank Spurway - Sales & Marketing – Calculus

Frank Spurway

Sales & Marketing