Like the enterprise investment scheme (EIS), the venture capital trust (VCT) regime is designed to encourage investment in smaller, higher-risk trading companies. A VCT is a company (not a trust), approved by HMRC, whose shares are admitted to trading in such a way that they meet the listing condition explained in Practice Note: VCTs—VCT conditions for HMRC approval—The listing condition. Individuals can benefit from a range of tax reliefs, and spread their investment risk, by subscribing for (or, in the case of some of those reliefs, buying) shares in a VCT, which, in turn, subscribes for newly issued shares or debt in unquoted companies (companies listed on AIM are unquoted for these purposes). For further details of the tax reliefs available to individual investors in VCTs and the corporation tax reliefs available to VCTs themselves, see Practice Note: VCTs—introduction, tax reliefs and returns. The VCT regime is prescriptive and sets out a number of requirements that must be met before these tax reliefs are available, including in relation to: • the individual investor and their investment in VCT shares,

UK Visas and Immigration (UKVI), in partnership with VFS Global, has announced the establishment of 38 new UK Visa Application Centres (VACs) across the United States, effective from 15 July 2025. From this date, customers will no longer be able to book appointments at Application Support Centres (ASCs) unless scheduled prior to 15 July. Under the new system, applicants must book an appointment at their nearest VFS Global VAC, attend in person and complete both biometric enrolment and passport submission during the same visit. The new model includes ten free-to-use centres in major U.S. cities and 28 user-pay centres to accommodate applicants in other regions. Document courier services will no longer be required, as all submissions will occur on-site. This change is intended to streamline the application process and improve efficiency for both applicants and UKVI. Customers with existing ASC appointments may still attend those centres for biometric enrolment between 15 July and 1 August 2025.

The Vienna International Arbitral Centre (VIAC) has appointed Franz Schwarz as its new President, announced during the institution's 50th anniversary celebration. Schwarz brings experience from more than 250 cases as counsel and arbitrator. In his inaugural speech, Schwarz outlined VIAC's priorities to reinforce service quality, deepen partnerships with Central and Eastern European and Commonwealth of Independent States regions and establish the centre as a global voice in arbitration and mediation.

The Vienna International Arbitral Centre (VIAC) has announced the Vienna Arbitration Days conference for 9-10 May 2025, in conjunction with the centre's 50th anniversary. The conference, themed ‘Orchestrating Efficiency in Arbitration’, will examine established and innovative approaches to arbitral proceedings. The event aims to address efficiency in complex dispute resolution through examining the interaction between parties, counsel, arbitrators and institutions. The conference is supported by multiple organisations including the Chartered Institute of Arbitrators (CIArb) European Branch and the Permanent Court of Arbitration (PCA).

The Vienna International Arbitral Centre (VIAC) has announced an introductory event in Astana, Kazakhstan for 11 June 2025. The event, titled 'Opening Doors to International Arbitration', marks VIAC's expansion into the Central Asian market.

The Vienna International Arbitral Centre (VIAC) has published its annual report of 2023. The report covers a wide range of areas including the VIAC Board, promoting diversity in arbitration, an update on sanction, mediation at VIAC and the VIAC Community Ambassador Network. The report notes that VIAC has registered 52 new arbitration cases in 2023.

The Vienna International Arbitral Centre (VIAC) has published its 2024 annual report. The report reveals that, in 2024, VIAC handled 45 new cases and 71 pending cases, 67% of proceedings were conducted in English, with 93% seated in Vienna. While overall arbitrator appointments remain male-dominated at 63%, VIAC Board appointments achieved 64% female representation. The Centre maintained its regional strength with 41% of parties from Central and Eastern Europe, while Austrian law governed 40% of cases. Average case duration was 12 months, with 8% conducted under expedited procedures.

The Vienna International Arbitral Centre (VIAC) has published its 2025 statistics showing 72 new cases and 69 pending cases, with an aggregated amount in dispute of €4.6bn across pending matters. The statistics reveal that 94% of arbitrations used Vienna as the seat of arbitration, with 77% of proceedings conducted in English and 19% in German. Austrian law applied in 53% of cases, followed by Ukrainian law at 8% and Czech law at 8%. The average duration of proceedings was 16 months, with 5 months between case receipt and file transfer. Parties originated primarily from Austria (27%), Central and Eastern Europe/South Eastern Europe (34%), and other non-European jurisdictions (23%). Austrian arbitrators comprised 59% of appointments, while 64% of arbitrators were male overall, though 64% of board-appointed arbitrators were female. Awards represented 56% of case terminations, with 11% each for withdrawal of claims and party agreements to terminate.

The Vienna International Arbitration Centre (VIAC) has published a non-binding note on the use of artificial intelligence (AI) in arbitration proceedings, developed by VIAC's Legal Tech Think Tank in 2024. This guidance offers a framework for arbitrators to manage AI tools while ensuring confidentiality and procedural fairness. It emphasises that arbitrators must retain decision-making authority and control over proceedings. The note addresses AI applications by arbitrators, parties, counsel and other participants, particularly in evidence production, without endorsing specific AI tools. The guidance seeks to balance technological innovation with the integrity of arbitration processes.

The Vienna International Arbitral Centre (VIAC) has published updated Guidelines for Arbitrators (2026), together with a new binding appendix on arbitrators’ expenses. The revised guidelines are intended to support efficient case management, clearer cooperation between arbitrators and the Secretariat and modern and sustainable arbitral practice. They include enhanced guidance on early case management, use of the VIAC Portal, regulatory compliance, remote hearings, costs and award drafting. The new appendix sets out rules on arbitrators’ expenses, including allowances, travel and accommodation reimbursement, non-refundable expenses and tribunal secretaries. It applies to proceedings commenced on or after 1 July 2026.

The Vienna International Arbitral Centre (VIAC) has reopened applications for its Community Ambassador Network for the first time in two years. VIAC seeks qualified lawyers with arbitration experience who reside in one of the following jurisdictions: Armenia, Bulgaria, Montenegro, Poland, Tajikistan, Turkmenistan, Ukraine and the UK. Applicants should submit their CV and motivation letter by 15 September 2025.

The Vienna Arbitration Centre (VIAC) has announced plans to amend arbitration agreements which address shareholder disputes concerning defective resolutions following a decision by the Austrian Supreme Court. Due to this development, the VIAC has assembled a specialised working group consisting of experts from both academia and practice. This group's mandate is to draft an amendment to the Vienna Rules, ensuring that they reflect the prerequisites outlined by the Austrian Supreme Court, including the proper involvement of all shareholders in the formation of the arbitral tribunal and throughout the arbitration proceedings.