My wife and I rent out a property which we co- own outright.I

Hello, I'm Keith and happy to help you with your question.
You merely arrange with a solicitor to convey your part of the property to your wife. This revised ownership can then be registered with the Land Registry (LR). There are no tax implications with an inter spousal transfer. Mark you when I did a similar conveyance about a decade ago in Scotland the solicitor's bill ran, if I recall, to some 500 quid, so watch out! There is an alternative and much cheaper procedure which is merely to register the change with the LR. This would cost you about a tenth of using a solicitor, but you have to be 100% sure of the title before you embark on this method.
Once she owns the whole property then all rental income leas appropriate deductions [see http://www.which.co.uk/money/tax/guides/tax-on-property-and-rental-income/allowable-expenses-and-allowances/ for full details; the list is long] will accrue to her and require declaration on an annual self assessment tax return.
I do hope i have shown you that your proposals are rather simpler than you might think and given you appropriate gukdance.

I regret that it may not be 100% sure. There may exists all sorts of hidden horrors lurking against the title. That is why a solicitor is almost invariably used in this process. Remember when a Private Bill was introduced in Parliament to redevelop the Kings Cross area and swathes of surrounding railway land? The Committee of 3 members examining the bill were horrified to discover that it included a clause permitting the demolition of listed buildings, including St Pancras and King's Cross Stations. It was summarily rejected on those grounds alone, but then up popped Barts pointing out that the land was a determinable fee simple and on ceasing to be used for railway purposes reverted to the Trustees of the hospital. So you see what I mean about using professionals.

Thank you for your support.