David Todd

I have read the above question and answer regarding the allocation of beneficial interest in a property and it has prompted me to ask my position as I it differs from what I was proposing to do. I am the sole owner of a property which is leasehold and I let it out currently to an elderly disabled person. I declare all the net income on my self assessment form and the Tax is collected by PAYEE. Next financial year I want to transfer 100% of the net income to my wife who would then declare that income on her own self assessment form and have PAYEE collect the Tax. As I am the sole owner I had read that I needed to prepare a Deed of Assignment as the whole of the beneficial interest is involved. Am I correct in assuming this and does that have to be drawn up by a solicitor or can I do it myself. I have also read that I don't need to send that to yourselves but need to hold onto it in case you want to see it in the future. Again are my assumptions correct please. If necessary I would be prepared to speak to someone if you feel that necessary and if that is the case I would appreciate the necessary contact details. Thanks in advance for your help