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Private Education Solutions
Private Education is a significant financial commitment for a number of years. Funding fees from your annual income is not easy – for example, a higher rate income tax payer would need a gross disposable income of at least £22,000 to cover the Cebr’s estimated average UK day pupil school fees bill of £13,200 for one child.
By addressing the cost of private education as early as possible, the potential for problems further down the line reduces when for example fees become more expensive as the child gets older. Having a structured wealth planning strategy for private education costs will provide you with better financial choices over the long term and assist you with ensuring that you can also continue to enjoy the lifestyle you desire.
There are a number of ways in which you can fund the cost of private education; some of the more commonly used solutions are mentioned below:
The tax free advantages of an Individual Savings Account (ISA) mean that they can be a very effective means of saving and funding Private Education. Furthermore, one benefit of ISAs is that you can save on a monthly basis if you are not in a position to subscribe the full amount (£15,240) as a lump sum.
Making a lump sum investment into an offshore bond could also be a tax efficient solution which utilises the tax allowances of your child or children, thereby keeping your ISA savings for other financial objectives or goals you may have.
Equally, establishing a Bare Trust and investing a lump sum through this can also be tax efficient particularly if the Trust is set up by Grandparents as the income generated within the Trust is treated as the child’s own for tax purposes.
The value of investments can go down as well as up and you may not realise the initial sum invested. Please remember that Governments can and do change the rules on tax efficient vehicles. The investment examples above are not guaranteed to cover the cost of a private education.