TIDMOXT 
 
   For Immediate Release 
 
   12(th) September 2014 
 
   OXFORD TECHNOLOGY VCT PLC 
 
   HMRC Decision 
 
   Shareholders will be aware from an RNS on 13 March 2014 that Oxford 
Technology VCT Plc ("OT1") had received notice that Her Majesty's 
Revenue and Customs ("HMRC") had withdrawn VCT approval for the Company 
due to a purchase of shares in Scancell Holdings Plc ("Scancell") which 
HMRC considered as breaching the VCT rules. 
 
   Following analysis and representations by OT1's legal advisors, Joseph 
Hage Aaronson LLP ("JHA") and Jonathan Bremner of Counsel, HMRC notified 
OT1 that it had set aside that decision pending further review (see RNS 
of 6 June 2014).  Subsequently, following further representations by our 
legal advisors, HMRC indicated that it was reserving its position and 
that corrective action was required to be taken in order for OT1 to 
retain VCT status (see announcement to shareholders of 5 August 2014). 
A proposal for the necessary corrective action was made by JHA on 12 
August 2014.  On 5 September 2014, HMRC indicated that it would be 
minded to permit the VCT to retain its VCT status for tax purposes 
provided that the corrective steps proposed by JHA were taken within an 
agreed timescale. 
 
   Following this indication, we have continued to work together with HMRC 
towards a satisfactory conclusion.  We are now pleased to be able to 
confirm that the corrective steps proposed by our legal advisors have 
been successfully completed and HMRC have been so informed.  We have 
received formal acknowledgement from HMRC that the corrective action 
taken has been sufficient and that OT1 will now retain VCT status going 
forward subject to continued compliance with VCT rules. 
 
   This means that the tax reliefs previously given to the VCT and its 
shareholders will not be disturbed, and the entitlement to benefit from 
future reliefs available to VCTs will likewise continue. 
 
   Following the corrective action, the VCT's holding in Scancell is now as 
it was prior to July 2013.  The corrective action undertaken has 
resulted in no financial gain or loss to the VCT. 
 
   We wish to record our appreciation for the constructive way in which 
HMRC have engaged with us during the last six months. We also wish to 
thank Joseph Hage Aaronson LLP and Jonathan Bremner for their pro-active 
and professional work, which has enabled this matter to be brought to 
its satisfactory conclusion. 
 
   The Directors look forward to being able to focus future discussions 
with shareholders on the progression of the portfolio.  As shareholders 
will be aware from reading the Annual Report, the OT1 portfolio contains 
some exciting (if still relatively early stage) companies, and the 
Directors continue to focus on generating maximum value for shareholders 
from OT1's holdings in these. 
 
   The content of this RNS has been approved by HMRC. 
 
   Alex Starling - Chairman of the Board of Directors 
 
   Richard Roth - Director 
 
   Further Enquires: 
 
   Lucius Cary on 01865 784466 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Oxford Technology VCT plc via Globenewswire 
 
   HUG#1855702 
 
 
  http://www.oxfordtechnology.com/ 
 

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