Transferring rental income to spouse

Is it possible to transfer rental income through deed of trust only

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Hi,  

client has 3 buy to let properties, that are in his name only:

1 - value of property £650k outstanding mortgage £300k

2 - value of property £400k outstanding mortgage £230k

3- value of property £280k nil mortgage

all the income is currently accounted for on his self assessment return, and as he previously worked as a contractor through his limited company, he was able to keep his profits within the basic rate. Now he is employed, and paying tax at 40%, he would like to show as much of this rental income on his wife's self assessment.

will a deed of trust and form 17 election be enough to do this, as he would obviously need to include the associated expenses on her return too, or would he need to make her a joint owner too, and notify the lender. I know there will be stamp dut implications of the latter, but will these be charged with the additional 3%.

thanks,

Shahid

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