Form 17 question

An individual in whose sole name is registered an income-bearing property declares in a statement of bare trust that he holds it beneficially 60% for his spouse and 40% for himself.  None of the exceptions in s.836(3) ITA 2007 apply.

Granted that the submission of form 17 would bring about the desired result (albeit with only very limited backdating opportunity), in the absence of that election, given that without that declaration of trust the spouse would have had no interest in the property of any form, beneficial or otherwise, does the declaration of bare trust bring into play the operation of s.836(1) and thence s.836(2)?

The question in my mind is does it comprise "jointly held property" under these circumstances?  Clearly if the legal ownership were in joint names the answer would be obvious.

With kind regards

Clint Westwood