To ask how I can successfully ringfence this money? (Please don’t post for moral judgement)

[Jaalp]

I am a single parent to a 3 year old who will start school in the next two years. I have saved up a significant amount of money for schools fees. As a single parent I am constantly worried about job loss or anything else that could affect things. I am aware that if for some reason I was made redundant, for example, if I have more than a certain amount in savings then I would be expected to use this before claiming universal credit etc.

I have no intention of claiming universal credit but life happens and I have to be conscious of the potential things that could happen.

My question is, is there any way to put this money in an account for my child that would be protected as theirs and not counted in an assessment for universal credit etc should that ever happen?

Please don’t make this is a private school bashing thread or about playing the system etc. I’ve worked hard all my life and intend to continue to do so. Thanks.

You can't really ask people to not make it a thread about playing the system,when you're literally asking for ideas on how to play the system.

How much are we talking?

Can you pay school fees upfront? I've heard of people doing that recently to avoid the new VAT added on.

Can a relative keep the money and pay the school fees?

So if you lose your job you want tax payers to
cover your private school fees.. okaaaay

No you can’t OP, this is called deprivation of capital

I think you should probably ask an accountant/ tax advisor.

🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️ Jesus christ. No mate you can't do that.

Asking the school if you can pay up front is probably your only option, but that comes with risks too in my opinion. And if you were to do that not long before putting in a claim for UC I don’t know if that would be viewed as acceptable or if it would be deprivation of assets (I think that’s what it’s called).

how long is it until it is needed to start paying the school fees?

Actually how about you draw it all out in cash and keep it under the mattress?

It literally says in the OP. From age 5 - 2 years time. so that assumes they intend on putting her into private school from year R.

Take a look at school fees capital investment plans: https://adviserbook.co.uk/advice/saving-and-investing/savings-types/school-fee-plan

This is literally a thread about playing the system. If you lose your job etc, you want the public to cover your costs which include private school fees? Are you off your tits?

If You can't afford private school then your kid doesn't go to one. There's no need for it and be honest, would you be able to afford all the expensive extra curricular activities that your child would like to do? If not then it's very unfair, almost cruel to send your child to a place where they will feel like the poor one while all their schoolfriend come from much wealthier families and he doesn't. Think about him.

You are allowed to have savings for your child if you aren't able to access it. Obviously you would be if you wanted to use it to pay school fees. Unfortunately I think if you find yourself in the position of claiming UC you would have to forget private school.

Thing is OP if you are thinking you might need UC then it feels a bit unlikely that you'll be using that money to pay for school fees.

You might find, in the event that you are unemployed, that a private education for a primary age kid is no longer your main priority.

I think if you put the money in an account in
your child’s name then you won’t be able to withdraw from the account to pay her school fees.

I would speak to a lawyer about setting up a trust for your dd with you as the trustee.

My question is, is there any way to put this money in an account for my child that would be protected as theirs and not counted in an assessment for universal credit etc should that ever happen?

If it's for them that would be for something they can't get till they're an adult. Paying optional school fees is your choice, not your child's so no, you can't ringfence one chunk of your money. No different to you saying you've got a chuck saved up to go on a big holiday for your child's 10th birthday and want that saved and untouchable.

I don't know for sure with how it would affect UC or if there are specific amounts but I would have thought it would be something along the inheritance thresholds would be considered reasonable.

www.gov.uk/inheritance-tax/gifts

Or the deprivation of assets guidelines for care:

www.ageuk.org.uk/information-advi

Hmmm I’m pretty sure I’ve seen adds for education fund investment plans, that you pay into gradually so by the time your kids goes to private school you’ve built up a few years fees. That kind of thing?

from my reading I don’t think the OP is expecting the govt to pay her kid’s private school fees, just if she is made redundant and needs help while she looks for another job, she needs to keep the school fees she has saved up specifically for their purpose, is that correct?

If you are skint enough to need UC you'll have different ideas about private v state school and what to prioritise spending on.

Nope OP I don’t think you can do this.
a private school near me allows you to pay all their fees upfront therefore avoiding any fee increases. But if you don’t like the school or need to move then it’s quite a commitment.

It is wrong to seek to hide your money from the state.

What you are trying to do is not ok.

I have morally judged, so you’re too late.

@InformerYaNoSayDaddyMeSnowMeIGoBlameALickyBoom im asking if there is a way to protect my child’s school fees. It’s not playing the system, I have no intention of using the system at all. I hope to never have to.

@TreeCake yes this is what I was wondering but I’m not keen on just handing it all to the school