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Q Are there any tax concessions available with school fees payments?

A Unfortunately previous covenant schemes have all been abolished. Therefore we need to consider all remaining opportunities such as:

	Children’s annual income and capital gains tax allowances
	Annual tax-free investment allowances
	Tax-free returns available through offsetting against a personal mortgage
	Trust planning
	Opportunities available through offshore investments
	Options to re-assign life policies and investment bonds

Q How can I spread the cost of my payments?

A It may be possible to set up an efficient drawdown of capital secured against your property to spread the cost of school fees over a longer period. You only pay interest on the money that is gradually withdrawn. Your home may be re-possessed if you do not keep up repayments on your mortgage

Q How can I best protect the payment of future school fees?

A It is possible to apply for an insurance plan which will pay a monthly tax-free benefit in the event of death or diagnosis of a critical illness. The cost of this cover will depend on the level of the benefit, your age and state of health.

Q My savings plans have not performed as well as I had expected. What shall I do?

A This is where personal financial advice is particularly important. The answer to how best to cover a shortfall will depend on your personal circumstances.