My wife and I have a buy-to-let property held jointly. My understanding is that the profit from rental of this property should be split 50/50 for the purposes of income tax. If the profit per person is less than £2500 does this mean it is not liable to income tax?
No it isn't exempt and I would like to know where you got this information from.
If the rental profit (gross income less allowable expenses) is less than £2,500 a year, and the gross rental income (before deduction of expenses) is less than £10,000 a year, you can ask HMRC to collect any tax due through your PAYE code. You would need to send the tax office a statement of your rental income and expenses each year. HMRC would then change your PAYE tax code to collect the additional tax from your employment or pension.