Economic benefit from rental property

Both me & my wife own a rental property jointly. And the property if mortgage free. I am a higher rate taxpayer while my wife is a basic rate taxpayer. I have heard that if I transfer my half of the economic benefit to my wife then together, we will be able to save some tax we pay. This is by transferring my 50% economic benefit to her, so it is taxed at the basic tax rate. Is this acceptable & if so, what process do we have to follow please? Thank you

Hi,
I direct you to guidance available at PIM1030 - Introduction: jointly owned property & partnerships which advises-  
However, where the joint owners are husband and wife, or civil partners, profits and losses are treated as arising to them in equal shares unless:
both entitlement to the income and the property are in unequal shares, and both spouses, or civil partners, must inform HMRC that their share of profits
and losses is to match the share each holds in the property.
To inform HMRC of unequal shares in a property you must complete a Form 17, enclosing appropriate evidence which shows your unequal shares such as a declaration or deed of assignment, this can be found at Declare beneficial interests in joint property and income
Thank you.