SJP launches probe into private school fees tax strategy

Apollo Private Wealth lists strategies to minimise tax when paying school fees

Sahar Nazir
clock • 1 min read

St James’s Place (SJP) has launched an investigation into one of its partner practices for allegedly promoting a scheme that avoids tax on private school fees.

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". An SJP spokesperson told 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 t...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

FCA's British Steel pensions redress scheme pays out just £8.7m

FCA's British Steel pensions redress scheme pays out just £8.7m

Total redress was lower than £50m estimate due to ‘changing economic conditions’

Sahar Nazir
clock 24 July 2024 • 2 min read
Industry 'not ready' to address money wasted on letters of authority

Industry 'not ready' to address money wasted on letters of authority

‘The data in the LoA process needs to work for advisers’

Isabel Baxter
clock 24 July 2024 • 2 min read
One in five clients 'very concerned' their IFA or planner will retire

One in five clients 'very concerned' their IFA or planner will retire

Three in five say they will use the same firm and have another adviser

Isabel Baxter
clock 24 July 2024 • 2 min read