savings and tax

JESSLEEX

Hi,
myself and my partner have just sold our house and are planning a big trip around europe next year with some of the proceeds. However, I work freelance and this year for the first time in 12 years I have just entered the higher rate tax bracket. My partner is still comfortably within the standard rate tax bracket. we are not intending to work during the trip so our income from 2013-2014 will be based almost entirely on savings income and income from a rental property we own jointly. Our total savings will be 180000k which I intend to break up into different investments- isas, 1yr fixed bond and an instant access savings for day to day use. The annual income minus all expenses from the rental is probably around 8k depending on what repairs need to be done to the property. However, we are going to be paying rent for our son who is presently at university, so will not be able to use this as income. My question is, will we have to pay the 40% tax on all the profits from the rental and savings interest on any joint savings accounts even though my partner has never been a higher rate tax payer and I have only made it into that bracket for 1 year.We won't be earning very much at all during 2013-2014, perhaps not even the personal allowance, so can we state this to stop them taking the 40% tax?. If not,, is there a way of putting all the money in my partners name but protecting my interest in it? The money is mostly mine so I wouldn't want it to be in his name without protection (we are not married). Any help would be great

Thanks
Jessleex

gozomark

" is there a way of putting all the money in my partners name but protecting my interest in it?" no, you either give it to your partner or you don't

xylophone

Give your partner the portion of the equity that is his for him to save?

You save the rest. You should both use your cash ISA allowance?

If you son is at university you can make him a gift of some maintenance money?

Try to put off the receipt of any interest until the new tax year when ( from what you say) both of you will have such low income you might well be within the nil tax band?