Gifting of property to spouse

mustardseed6

Husband and wife jointly own a buy to let property. Husband is higher rate tax payer and wife is basic rate tax payer. Husband would like to gift his 50% share of the property to wife, so that rental profits are taxed at the wife's basic rate. There is no mortgage on the property. There is no hurry for the property to be sold.

How would you go about gifting the 50% share?

Is a deed of gift sufficient, which has been witnessed by a neighbour/friend? Or does one have to complete the Land Registry forms AP1 and TR1 and fill in a SDLT60 form. Someone has suggested a declaration of trust.

Would the Revenue say it is a "sham" gift?

Are there any other legalities/forms that will need to be considered. No fees/charges will be involved.