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School Fees Planning

School Fees Planning

How can we provide for school fees planning and reduce our tax bill?

Client Circumstances

  • Mr and Mrs Peters are both high earners with a joint income of £400,000 pa
  • They are in their early 40’s
  • They have a son aged 4 who will be starting school next year
  • They would like to provide school fees planning for him now estimated to be £21,000 pa
  • They have surplus income of £100,000 pa

Recommended Solutions

  • £70,000 invested into a range of Enterprise Investment Schemes (EISs) for the next 3 years
  • At the end of each 3 years the capital will be rolled over into another EIS (provided they are still available)

Benefits from advice given

  • EIS income tax relief of £21,000 (30%) – to fund for school fees
  • After 3 years no more funding required as each EIS can be rolled over to claim a further £21,000 tax relief to pay for school fees (provided they are still available)
  • Should EIS become unavailable going forward they would have built up sufficient capital to fund for school fees
  • Inheritance Tax savings on EIS capital once held for 2 years (saving £84,000)

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Future Servicing

We will look to carry out a regular review of your circumstances, objectives, needs and portfolio performance to ensure all arrangements continue to be suitable and advise of any changes that may be appropriate.

This example is for illustrative purposes only, based on current legislation and tax allowances. Tax rules and regulations are subject to change.

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