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As it will be in joint names, then up to 50% of the rental income (and costs) can be attributed to your wife, with the other 50% attributable, to you unless it can be shown that your wife funds a greater share than 50% through savings (as you advsie she has no income)
This is the only way that an election to change the share could be made
If she is held on the title deeds (and buy to let loan/mortgage) just in name only - then HMRC will not accept more than 50% share - however once the loans no longer sit against the properties - then of course you can then make a title transfer to her sole name - thereby allowing her to be sole owner and sole recipient of rental income
Do let me know if I can assist further
Thanks for your response
You can only change the share proportion if the way in which the loan is made/given actually represents her as the greater share owner of the property - which does not seem to be the case here. How would you be able to show that this was the case ?
I can only advsie you how tax law is applied and why - not how to evade it! And opening an account where more outgoings are made is irrelevant as one would expect the rent coming in to cover the costs going out. Its about showing that your wife either through a cash contribution of her own or from her level of income could actually be proven to show as as the greater contributor to this purchase itself.
If the loan can show that she is a greater share holder due to her contribution to the purchase OR of she puts down a deposit from her own funds then yes you can use this to provide evidence of a form 15 election with HMRC to show that this is not a straight forward 50/50 split and ask for the actual apportionment to be applied
Link here for that election
But what you cant do is just change the legal split to suit the rental income ratio to you needs - this is tax evasion and if I encouraged you to do that. I am sure you can appreciate I would not be serving you well! As its you that would pay the penalties and tax underpaid when HMRC challenge any election without the evidence to support it.
Let me know if I can assist further, but if you have all you need, it would be appreciated if you could rate me for the level of service I have provided (or click accept)