If I transfer to my wife will there be no tax to pay?

I own outright a flat that I let. It generates £595 per month income. I'm a 40% taxpayer and have been declaring the income on my tax return and I guess have been paying tax at 40% on this income. My wife doesn't work. Should I transfer the property into her name? She would then, I presume, pay 0% tax on income up to around £10,000?

If you have a good marriage and therefore trust your wife, then transferring the property to your wife is a very good idea from a tax perspective, because if she has no other income she will pay no income tax on the £7,140 (12 x £595) annual rental income. However, if you have a mortgage on this property and you are claiming relief on the interest payments against your rental income, then the mortgage will have to be in her name for her to claim the relief.