metalfish wrote:Is it possible for myself and my wife to be tenants in common owning 50% each of the property, but for any rental income to be split 99%:1% with the majority to going to my wife?
Both Peter D and what you state agree.
It is not possible for you to own 50% each of the property but to split rental income 99:1.
Is IS possible for you to own the property 50:50 tenants in common and THEN to use a declaration of trust so that your W owns the property 99% and has a right to the rental income 99%.
(If you were not married then it would be possible to own it 50:50 but agree to share the rents 99:1. As you are married this is not possible - but that's fine as you can make an actual transfer tax free. As an administrative simplification it is easiest not to bother changing the ownership registered at the land registry (the legal ownership) but "merely" to use a declaration of trust which states effectively "I continue to hold the legal ownership, but the beneficial ownership is that of my wife." You are right, it is widely misunderstood.)
Go and get a solicitor who understands tax to draft this for you - maybe two to five hundred pounds.