So far, £557m ($773m, €627m) has been amassed in VCTs in the current tax year, already exceeding the £542m total raised last year.
Venture Capital Trusts allow people to invest into smaller and unlisted companies indirectly while offering you the chance to earn high returns and tax relief, according to the Money Advice Service.
Only 11 VCTs remain open a month before the end of the tax year, while nine have already closed after reaching capacity.
Last week, Albion Capital confirmed its VCT offers are fully subscribed at its reduced target of £32m, shy of the £38m it initially hoped to raise as a result of Patient Capital Review changes implemented by the government.
Wealth Club, a UK investment service for high net worth investors, said the numbers show a high demand for VCTs this year.
Alex Davies, chief executive and founder of Wealth Club, said: “The amount going into VCTs has already beaten the entire previous tax year – and with three weeks to spare. Nine offers have already closed and we expect many of the remaining offers to fill up fast.”
Davies said the increased demand is not a surprise as higher-earners look for tax-efficient alternatives to pensions, which they can no longer pay into because of reductions to the lifetime allowance and annual allowance, as well as increased dividend tax and the crackdown on buy to let.
Get in quick
But Davies warned investors need to act now if they want to invest in a VCT this tax year.
He said: “We suggest you look now while there is still a decent choice available. Leave it another week or so and your options may be significantly limited.”
Of the VCTs that remain open to capital, Davies picked out the Octopus Titan VCT, Maven Income and Growth VCTs 3 & 4 and Downing ONE.
In terms of demand, Davies said Octopus Titan stands out as a favourite for investors having raised almost £10m in the last week alone and more than £161m since it opened in September.