I want to give the rental income I receive to my son, but I don't want to transfer the property into his name. Is this allowed? 

Arthur Weller replies:  

This is a case of 'transferring an income stream', as illustrated in HMRC’s Trusts, Settlements and Estates Manual (TSEM9410 no. 4). Unfortunately, for tax purposes, it will not work. However, if a) your son is over 18, and if b) only he will benefit from the rental income he receives and not you, then there is something you can do. First, transfer a small percentage of the property to him. This makes him a joint owner of the property. Then, you can make an agreement with him that he will receive a disproportionate share of the rental income. See PIM1030, which explains that if A and B jointly own a property, say 50:50, then they can agree to share the rental income disproportionately, e.g. A 20% and B 80%.