St James's Place launches probe into private school fees tax strategy

investmentweek.co.uk:

The wealth manager said it was looking into Apollo Private Wealth, which published a LinkedIn post a month ago advertising «setting up a tax-free efficient fund to pay private school fees».

Apollo's brochure lists strategies to keep tax to a minimum when paying school fees, including using £3,000 tax-free gifting allowances and «absolute or bare trusts to divert income».

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An SJP spokesperson told Investment Week's sister publication Professional Adviser: «We are currently investigating this matter, which relates to one of our individual Partner Practices, Apollo Private Wealth.

»While we work with clients to consider the tax efficiencies of their financial plans, SJP only endorses the use of schemes that comply fully with HMRC rules."

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