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.

I think you'll find not many agree with you. I hope there's no legal loophole enabling you to go ahead with this. It's a disgraceful proposition.

Private education is a luxury - not essential and there are some fabulous state schools. I’m working by butt off to feed us, I have a disabled child, and am self employed. If I didn’t pay tax it would be a huge help. I pay tax which funds universal credit. Surely a conscience would be uncomfortable with taking money earned by someone worse off while you sit on pots of gold allocated to the luxury of school fees?

you should also consider how someone on universal credit could afford the astronomical cost of uniform for a private school

Exactly.

Its not nasty.
Its the truth.
You only think its nasty because it goes against what you feel is fair.

That is not the point at all

Be sensible with money now, so that should you lose your job, you have atleast 6 months wages saved to pay for everything you need and time to find a new job. Make sure you account for price increases in fees. If you can't afford to do this, do not put your DC in private school as moving schools would likely be much more detrimental to their education than just going to state school.

@Paganpentacle sure. You’re right. I’ll waste it on fancy cars and holidays, then claim UC when I’ve had a bloody good time but the balance hits zero 👍🏻

Despicable.

Trying to find a way to provide your children privilege & figuring out ways to do that whilst possibly claiming from welfare benefits intended as a security net for the most deprived in society.

There are no words to describe the loathing I feel at people prepared to stoop this low.

@Strictlymad pots of gold that I have saved specifically for this. I may as well not have bothered on your analysis. Which really is why this country is in the state it is in.

A trust fund seems like what you need, but it may cost a bit to set up. I think you could specify that one purpose of the trust was to pay school fees. You would lose control of the money apart from using it for your child, so if you might need it yourself at some point it might not be such a good idea.

The op is a tax-payer and is likely to be for a long time to come. What she does with the rest is her business.

Grandparents are able to put funds in trust for their children, I don't see why parents cannot do the same if they can afford it.

That's about as unhinged as your initial idea.

But it works out as the same thing. You can’t divvy up your money and say "Well, I’m keeping this chunk for optional school fees, which doesn’t leave me enough for ordinary living costs, so I want benefits funded by the taxpayer to cover those."

If you are worried about needing to claim universal credit surely it would make more sense to just use the money, and not worry about private school?

Why on earth are you trying to help someone who wants to cheat the system? You may be happy for them to use your taxes in this way. I and many others are not.

Strong language but I have to say I feel the same

op this is so far out of order I don’t quite know where to start. You (hypothetically) would consider hiding cash so you can spend it on a luxury out of the reach of most, while claiming from the state to support yourself.

you need to take a hard look at yourself

The benefit comes from the taxpayer supporting you with UC whilst you spend money you should have been using to support yourself on school fees.
Effectively- taxpayer subsidising your school fees.

To play devil's advocate, the tax payer would not have to fund a state school place.

HMT is not a savings account. Being a taxpayer doesn't entitle you to fraudulently claim some money back.

Fraudulent use of public money is, by definition, everyone's business.

That would be classed as deprivation of assets and you wouldn't be entitled.

Claiming UC when you have resources saved is the benefit to you. It is a safety net not a hand out or even a hand up. If you fall on hard times you should use your savings to help yourself. Not claim benefits which are a cost to tax payers. Meaning others can’t even begin to think about saving for private school because if their tax burden.

No one is saying go blow the money on holidays, or don’t bother saving, all being well yu will be able to use the savings for fees. They are saying that if you end up in the unfortunate position to be out of work for some time you will have to draw on the money, not cling onto it while claiming from the state. Maybe people claiming uc when they don’t need it is a problem …

@IVFmumoftwo except it wouldn’t.

I could go and buy two cars next week and lose my job a month later and be able to claim.

Jaalp, this might give you some ideas:

www.gov.uk/trusts-taxes/parental-trusts-for-children#:~:text=These%20are%20trusts%20set%20up,a%20bare%20trust

Is it really what you want to do though, even if there was a way? You'd rather your DC lived in poverty but had the status? Rather than giving your DC a decent comfortable life?

It makes absolutely no difference how you saved for it or how much you’ve saved. The point is you want to keep that money for your child’s
education whilst the taxpayer subsides you. The fact you refuse to see it is baffling