Revenue closes fees loophole

12th April 1996 at 01:00
Changes in Inland Revenue rules will leave thousands of parents with a shortfall in payments for independent school fees. After nearly 40 years, the Inland Revenue has decided to revoke the charity status of educational trusts which allowed parents to invest money to pay school fees through tax-free endowment policies. The change affects roughly 5 per cent of parents with children in private education. Anne Feek, director School Fees Insurance Agency, is asking the Revenue to let fee-paying plans already in existence continue beyond next April's deadline.

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