Declaration of trust - Transfer to wife

Hi, My wife and I jointly own the property. I recently changed from join tenants to tenants in common as Form 17 doesn't allow me to use joint tenants property. Please can you confirm whether I can use below format to assign the benefits. I, Person A, hereby declare that I intend to create a trust to transfer my 50% of the beneficial interest in the property (property address) to my wife, Person B, without the transfer of legal ownership. By making this declaration, I acknowledge that Person B is entitled to 100% of any income derived from the rental of the property including her share. This is a bare trust, no conditions or restrictions are attached to the transfer of beneficial interest. The trust becomes enforceable from the date of this declaration. Thanks

Hi srims,
Yes, that would be an acceptable format for the declaration.
Other guidance regarding acceptable evidence can be found here:
TSEM9230 - Ownership and income tax: legal background: joint ownership - presumption of joint tenancy
Property held jointly by married couples or civil partners: Form 17 rule - evidence
Thank you. 

Thanks. This is the first declaration of trust since converting our property from "joint tenants" to "tenants in common". Since the property was held in join tenants, I have assumed I held 50% and transferring all to my wife. Do I need to mention this as part of declaration, or it is understandable by default. Or Do I need a initial trust signed by both which says both hold 50% ownership, and then new trust which says I transfer 50% beneficial alone to my wife.

Hi ,
 

Thank you for your question. Income from property reverts to the default position of 50/50 for marries couples. Any change to the split in income must be shown on a Form 17 and accompanied with evidence, for example a declaration or deed. Further information can be found at : PIM1030 - Introduction: jointly owned property & partnerships    and TSEM9842 - Property held jointly by married couples or civil partners: Form 17 rule: introduction    .  Thank you .