The Independent Schools Council (ISC) conducts an annual survey which provides accurate information on the level of school fees charged throughout the independent sector.
Estimating school fees liabilities is of course not an exact science and though the 2018 census highlights the lowest annual increase in school fees since 1994 at 3.4%, it is likely that in making plans a school fee inflation rate of somewhere between 4% – 5% is likely to be much more realistic. Average boarding school fees increased by 4.3% on the previous year in the ISC 2018 census.
The document available to download here provides extremely useful and comprehensive information regarding private education and if this is an area that you are considering, then we would urge you to contact us to discuss the appropriate planning.
Early planning can significantly reduce the impact and the use of tax efficient investment products can significantly boost the returns available if planning is conducted from birth for example.