St James's Place (SJP) has launched an investigation into one of its partner practices for allegedly promoting a scheme that avoids tax on private school fees.
The wealth manager said it was looking into Apollo Private Wealth, which published a LinkedIn post a month ago advertising "setting up a tax-free efficient fund to pay private school fees".
Apollo's brochure lists strategies to keep tax to a minimum when paying school fees, including using £3,000 tax-free gifting allowances and "absolute or bare trusts to divert income".
An SJP spokesperson told International Investment's sister brand Professional Adviser: "We are currently investigating this matter, which relates to one of our individual Partner Practices, Apollo Private Wealth.
"While we work with clients to consider the tax efficiencies of their financial plans, SJP only endorses the use of schemes that comply fully with HMRC rules."
