Venture capital trusts stand to regain millions of pounds in VAT after the government decided to allow claims over the past three years. Revenue & Customs said it would meet back claims over the period which the Association of Investment Companies estimated at £30m, reports the Financial Times. The Revenue has also exempted the funds from 8 October 2008. Ian Sayers, deputy director general at the AIC said the move to exempt VCTs from VAT acknowledged their role in the financial system. He told the FT: 'Venture capital trusts make an important contribution to the economy by investing in smaller, potentially high-growth businesses that promote innovation, industrial change and other interest-bearing assets tax efficiently.' Previously, the funds had been unable to take advantage of bonds and some other assets because of adverse tax implications.