Tax breaks for parents of students?

carolyn26

My son will start university in Autumn this year (2007). We will be able to give him money towards his living expenses and wondered if there is a tax efficient way of doing this. I seem to remember, in the past, it was possible to set up a deed of covenant allowing tax to be reclaimed on the sum paid, although I think that this particular loophole has now been closed.

Does anyone know of anything else, gifts? trust funds? anything really that will ease the burden? Thanks.

Savvy_Sue

I don't think there's anything else ... not even sure that parents were ever able to do deed of covenant, grandparents possibly.

Prudent

Deed of covenants fiinished many years ago. I left uni in 1990 and they were ending then. I think my parents only got the final year because I was already in the scheme.