Katharine Arthur, Head of Private Client, has featured in Spear’s Magazine providing insights on how Labour’s win in the 2024 General Election could have an impact for high net worth individuals (HNWI).

With Labour’s plans to impose VAT on private school fees, Katharine has raised concerns about the future of school fee financing and the various strategies parents and grandparents might consider for managing these costs efficiently.

Katharine says: “Setting up a trust and putting some money in to pay the school fees [is] an interesting discussion. People are problem solving from all sorts of different angles.”

Proactive measures – like setting up trusts – to manage school fees in a tax-efficient manner are especially crucial as parents and schools navigate the potential financial shifts prompted by new government policies. Katharine’s comments reflect the broader uncertainties facing private education and wealth management under new political leadership, emphasizing the need for strategic planning and informed decision-making among affected parties.

You can read the article in full via Spear’s Magazine here.

How we can help

We have been following the Labour Manifesto and analysing the impact that this could have on taxpayers. Whilst we wait to hear more via the Chancellor’s Autumn Budget, sometime from September 2024 onwards, you can read more on the headline proposed tax changes via our post here. If you need further advice with your tax affairs, please contact Katharine directly or a member of the Private Client team.