{"id":1448,"date":"2021-08-11T13:02:17","date_gmt":"2021-08-11T12:02:17","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=1448"},"modified":"2021-08-12T13:02:58","modified_gmt":"2021-08-12T12:02:58","slug":"thinking-of-privately-educating-your-child","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2021\/08\/11\/thinking-of-privately-educating-your-child\/","title":{"rendered":"Thinking of privately educating your child?"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Private school fees have once again\nincreased this year, with an average termly fee of \u00a312,000 (\u00a336,000 per year)\nfor boarding schools and \u00a35,064 (\u00a315,191 per year) for day pupils<sup>1<\/sup>.<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>A\nlifetime endeavour<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>As data from the Independent Schools Council shows, sending your child\nto private school is a significant financial commitment \u2013 for many families, it\ncould be their biggest expense after their homes. So, having a saving mindset\nfrom day one (contributing regularly to savings accounts and encouraging family\nmembers to do the same, for example), or even building up an investment\nportfolio for those with longer to save, could soon help those funds build up.\nInvestments have the potential \u2013 although this is not guaranteed \u2013 to outstrip\nthe returns you\u2019ll get from savings accounts.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Getting tax-efficient<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Using up those tax-free exemptions and\nallowances (for example the \u00a320,000 ISA allowance), enables parents to save or\ninvest without paying tax on their interest or returns; they can also make\nwithdrawals without incurring tax. Grandparents can also lower their Inheritance\nTax (IHT) liability through lifetime gifts \u2013 and see the benefits their money\nis having while they\u2019re still around.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Other\nmoney-raising methods <\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Other ways of funding your child\u2019s\neducation include borrowing (either via &nbsp;a personal\nloan or remortgaging your property) and withdrawing your 25% tax-free lump sum\nfrom your pension if you are over the age of 55. Remember that your own\nfinancial security is also important, so make sure you still have enough to\nfund your retirement. <\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>When you are making a significant and\nlong-term financial commitment, it really is advisable to consult a\nprofessional, who can help you achieve your savings goals without compromising\nyour own financial future \u2013 so please do get in touch.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>1<\/sup>ISC, 2021<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong><em>The value\nof investments and income from them may go down. You may not get back the\noriginal amount invested. <\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Private school fees have once again increased this year, with an average termly fee of \u00a312,000 (\u00a336,000 per year) for boarding schools and \u00a35,064 (\u00a315,191 per year) for day pupils1. A lifetime endeavour As data from the Independent Schools Council shows, sending your child to private school is a significant financial commitment \u2013 for many [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":1449,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,90],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/1448"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=1448"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/1448\/revisions"}],"predecessor-version":[{"id":1450,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/1448\/revisions\/1450"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/1449"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=1448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=1448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=1448"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=1448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}