SJP Firm’s School Fees Tax Strategy Under HMRC Scrutiny

Nov 3, 2023

A senior partner practice at St James’s Place (SJP) is under HM Revenue & Customs (HMRC) scrutiny for advocating a controversial private school fees tax strategy. The strategy, promoted by SJP-associated firm Apollo Private Wealth, involves the use of absolute or bare trusts to minimise tax liabilities. However, experts have raised concerns regarding its compliance with tax laws. Here’s a closer look at the strategy, expert opinions, and responses from SJP and HMRC.
The strategy proposes diverting income into a trust to leverage a child’s tax allowances for covering private school fees. Concerns raised by tax experts include potential income tax liability, misleading claims in the strategy’s benefits, and incomplete utilisation of tax benefits. SJP has emphasised that they do not endorse tax avoidance schemes and are actively investigating the matter. In contrast, HMRC has cautioned against such schemes, urging individuals to comply with tax regulations.
The controversy highlights the intricacies of tax planning and the importance of adhering to legal requirements. As the investigation unfolds and HMRC remains vigilant, it is essential for taxpayers to seek expert advice and ensure their financial strategies comply with the law.

Original Article Source: https://citywire.com/new-model-adviser/news/sjp-firm-s-school-fees-tax-strategy-falls-foul-of-hmrc-experts/a2425398

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