Deed of Trust vs Deed of Assignment

Good Evening, I have a rental property in my name only and the mortgage has been paid off. I am in a higher tax bracket and would now like to transfer all the rental income to my wife (who is currently on a career break and does not have an income). I would like some clear advice on the following: I wish to remain the 100% legal sole owner of the property. However, I wish to transfer 100% of the beneficial rental income to my wife. Therefore, only my wife would need to file a self-assessment tax return and pay income tax on this rental income if it is above her personal threshold. To do this, I can get a Deed of Assignment. Is that all correct? I do not require a Form 17 and I do not need to submit the Deed of Assignment unless HMRC requests it. Is that correct? The Deed of Assignment is sufficient to achieve all of the above - is that all correct? Kind Regards, Elliott

Hi,
Thank you for your question. As you have stated that you solely own the property the starting point is that 'whoever has beneficial ownership of the property has beneficial ownership of the income'. Please refer to the guidance located at
TSEM9160 - Ownership and income tax: legal background: ownership - income follows property
As the property is not held 'in joint names' then you would not have to make a formal Form 17 election. Please therefore refer to the following guidance in respect of making a declaration of trust (to declare yours and your wife’s beneficial interests in the property). This would then enable you to transfer all/part of the rental income to your wife.
TSEM9520 - Ownership and income tax: express trusts - written declaration
You will not be required to submit the declaration to HMRC, however you must keep a copy for your records as this may be requested from you at a later date.
Thank you