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You should seek tax advice as if your wife has an ownership interest she should be declaring the income from the property. She and may have to make amends.

Why didn't your wife declare this on her tax returns?

I take it wife is not on title at all to property 2? Transferrring to her now would be a CGT event. So it would trigger CGT on the portion transferred. If you ended up owning 50/50 each of your shares would be treated differently for CGT. Instead of gifting it to her why not let her borrow...