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How grandparents can tax-efficiently help to fund private school fees

13th November 2018

Daily summary of the latest news and opinions from the world of independent education brought to you by Education Advisers...  

Today, schools must renew their commitment to international friendship

David Goodhew head of Latymer Upper School in West London explains that distrust of immigrants and a lack of compassion for refugees pervades public discourse, however, schools can work to change that.

As head of Latymer Upper School in Hammersmith, my school community was appalled when, a couple of days after the Brexit referendum, our neighbours POSK (Polish Social and Cultural Association) were daubed with racist graffiti. In this zeitgeist of xenophobia, has there been a more important time for our young people to develop a proper appreciation of diverse cultural perspectives? 

On matters of tolerance and understanding, Latymer Upper has a distinguished tradition. An enlightened and courageous act by my predecessor in 1947 attempted what many would have thought unthinkable just a few years after the Second World War. The then head, Fred Wilkinson, started an "experiment in friendship", as he put it, with Germany – an exchange programme between Latymerians and pupils from the Johanneum school in Hamburg, a town then associated more with enemies than with friends.

Latymer and the Johanneum have been united by this experiment in friendship for seven decades. As we approach Remembrance Sunday and the 100th anniversary, surely the most profound way in which we can honour the fallen is to educate young people in the values of friendship and international understanding, to help ensure horrors on such a scale do not befall mankind again.

Read more at: https://www.tes.com/news/today-schools-must-renew-their-commitment-international-friendship

How grandparents can tax-efficiently help to fund private school fees

Parents need to start planning for school fees as early as possible – ideally as soon as they have children. Tony Mudd, Development Director at wealth manager St. James’s Place said:

“Generally, parents looking to fund school fees fall into three categories – those who want to invest a lump sum, those who would like to pay out of income, or parents wanting to set up a regular savings scheme to provide funds to cover future fees. There are several options available to help make school fees more affordable, that can be both tax efficient and flexible."

"For example, you could consider using your annual individual savings account (ISA) allowance, allowing tax-free contributions of up to £20,000. By investing the maximum amount permitted in a stocks and shares ISA and selecting well-managed funds, a very worthwhile sum could potentially be accumulated in time for their first term.”

However, many people won’t be able to save enough to cover school fees, which means an inheritance or financial support from grandparents may be the only way for them to pay for a private education.

There are several ways for intergenerational wealth to be passed on from grandparents to help with their grandchildren’s school fees costs. These often have inheritance tax (IHT) benefits for the person making the gift:

1. Lump sum gifts

2. Bare trusts for grandchildren

Read more at: https://www.telegraph.co.uk/financial-services/investments/inheritance-tax/how-grandparents-can-tax-efficiently-help-to-fund-private-school-fees/

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