VCT vs EIS: Tax-Efficient Investment Comparison

You are a higher-rate taxpayer who has maxed the usual allowances and is now eyeing the riskier tax-efficient end. This compares Venture Capital Trusts and Enterprise Investment Schemes on income tax relief, capital gains treatment, and the risk you are taking on. For experienced investors who want the trade-offs laid out plainly, not sold.

<context>
You are a higher-rate taxpayer exploring tax-efficient investment options beyond your ISA and pension allowances. You want to understand whether a Venture Capital Trust or Enterprise Investment Scheme makes sense for your situation: [brief financial context].
</context>

<task>
**Compare VCTs and EIS for a sophisticated investor:**
1. Summarise the tax reliefs available for each: income tax relief, CGT deferral/exemption, loss relief, IHT
2. Compare liquidity: minimum hold periods, secondary market availability, exit routes
3. Compare risk profile: portfolio construction, diversification, typical company stage
4. Regulatory and eligibility requirements for each
5. Scenarios where VCT is the better choice vs scenarios where EIS wins
</task>

<output_format>
- Comparison table across 8 criteria (minimum investment, tax reliefs, liquidity, risk level, hold period, IHT treatment, portfolio type, suitable for)
- Scenario guide: 3 investor profiles with a recommended product for each
</output_format>