UK Private School Fees Surge to £126,000, Parents Face Tax Hike
Private school fees in the UK have risen significantly, with parents facing substantial costs and potential tax increases. The most expensive region, London, sees fees varying by school and the child's age.
Sending a child to private school for 11-18 years could now cost around £126,000, even with frozen fees. Annual fees range widely, from £18,063 for day school students to £42,459 for boarders. After a 5% inflation increase and a 20% VAT addition, the 'average' senior school fee could be £24,052 to £52,746 per year.
Parents must navigate these rising costs, with high earners often relying on asset-rich relatives for help. A parent with a child at boarding school would need to earn £73,000 before tax to cover fees and taxes, leaving nothing for living expenses. The prospect of an enormous VAT bill looms, as scrapping the VAT exemption could increase school fees by up to 20%. Currently, private school fees are exempt from VAT, keeping charges down for parents. The latest increase sees fees for the 2023/2024 academic year rise by an average of 8%.
With fees varying greatly by region and school type, parents face significant financial challenges in sending their children to private education. The potential impact of VAT changes and income levels on affordability remains a concern.
