Transferring Rental Income to my Wife

Hi all, I jointly own a buy-to-let property with another person (not my wife), we both own 50% of the property. (Tenants in Common) We are both high rate tax payers, and would like to transfer 100% of the beneficial income (which I understand to be rental income) to my wife (who is a lower rate tax payer). While we both remain the legal owners of the properties. I have seen many discussions on here, but understand I would need a Declaration of Trust for this. Please could you help me determine if my understanding is correct?

Hi garthuk,
A Declaration of trust is a legally binding document that creates a trust.
Most types of trust giving an interest in property to somebody who is not the legal owner now need to be registered with HMRC via the Trust Registration Service.
You can find guidance on the registration requirements and how to register here:
Register a trust as a trustee
There is also more information about what types of trust need to be registered at TRSM23050
Types of trusts that need to be registered:
TRSM23050 - Types of trust that need to be registered: contents: excluded express trusts: contents: property ownership
Thank you.