I am the sole legal owner of a rental property. I am a higher rate tax payer. My wife has very minimal income as self employed. Our residential property is separate, and I am also the sole legal owner of this property.
To minimise tax, I wish to make my wife the beneficial owner (while retaining legal title) of the renal property so that she is taxed on the rental income.
According to this site (
http://www.deedoftrust.co.uk/index.php/ ... c-guidance) I can create an "Express Trust" (bare trust) in writing but do not have to submit it to anyone nor does it have to be witnessed.
All that remains then is for my wife to complete her Self Assessment declaring the rental income.
Is this all that is required by HMRC or do I have to do anything else? Are there better alternatives for becoming tax efficient?