Putting a price on the old school tie
On one side of the political divide are people who maintain that the unfair benefit of charitable status to independent schools exceeds £100 million.
Those of opposing views point to the 615,000 pupils opting out of the state system, saving the public purse some £2 billion.
Research suggests it costs around £130,000 to educate a child privately although this varies dramatically depending on location and the age the child starts.
In Lancashire we are particularly fortunate to have many independent schools offering a value-for-money education.
All schools offer bursaries although they are largely discretionary. Under the current interpretation of charity law they are more available than ever – 100% bursaries are available but means testing will apply.
Whilst charitable status allows schools tax concessions, parents aren’t so lucky, with most funding their child’s education from taxed earnings.
Those with foresight start saving early with many specialist savings products available. Others rely on wealthy grandparents, with some scope for tax savings by using a child’s own personal tax allowance.
There is no quick fix to providing your child with the best education money can buy – only good old-fashioned thrift or a lottery win.
Beever and Struthers incorporating Waterworths