Declaration of trust

Hello, Me and my wife jointly bought a flat and we hold it in trust (bare trust) for our daughter who is a minor. I would like to ask please about income tax on the rental income from the flat in my daughter's bare trust. I read on the HMRC website that sometimes the legal owner is not the beneficial owner, and the legal and beneficial ownership may be separated by a valid Declaration of Trust. Is it possible please to write up a Declaration of Trust having my daughter's Bare Trust as the beneficial owner of 50% of the profit on the property rental income and myself/my wife as beneficial owners of the other 50%? Each party would then pay income tax if any applicable on their share of the income. Thank you in advance for clarifying.

Hi gl01,
In this case it would be possible to make a declaration tax outlined.
Please refer to:
TSEM9520 - Ownership and income tax: express trusts - written declaration
About making a written declaration.
We would also refer you to:
TSEM1568 - Introduction to trusts: types of trust: trust for minor or incapacitated person
TSEM1563 - Introduction to trusts: types of trust: bare or simple trust
For more information on trusts and bare trusts.
Thank you. 

Thank you very much for your response and for confirming that it would be possible to make a Declaration of Trust. I read on the HMRC website that the beneficiary (my daughter, who is a minor) of a bare trust is taxable on the trust income and gains. So, when I declare the 50% of the rental income in my daughter's Bare Trust, should this rental income be taxed as my daughter's income or should it be taxed as my/my wife's income due to parental settlement rules? Thank you again for clarifying.

Hi,
In the case of a parental bare trust, the 50% share your daughter receives would be declared by yourself/ your wife as you would be the trustees of the trust, declaring the income and paying any Income Tax due. You can see guidance here:
Parental trusts for children
Thank you.