Eton Parents Rush to Pay School Fees in Advance as Tax Hit Looms
- UK’s Labour Party is planning a 20% VAT on private-school fees
- Parents are paying years in advance to ‘lock in’ current rates
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Some parents at Eton College, the elite British boarding school which has taught generations of UK prime ministers, are paying for years of education upfront in an attempt to protect themselves from a hefty tax bill should the Labour Party win the general election July 4.
New contracts for prepaid fees at Eton jumped to a total value of £10.1 million ($12.8 million) last year — almost a fourfold increase from £2.64 million in 2022, according to Eton’s financial statements filed with the Charity Commission.