D17 effect on home transfer

[george price]

My accountant has goofed again. Having sorted out previous problems with lack of D17s on my buy to lets, and covered my tax liabilities, albeit under protest, I decided to gift a couple to my kids. The reason being that the accountans stated that is only method a excape IHT. The first was ok as in joint names with my wife, no D17. I was advised that gifting 25% each in first financial year we would utilise both our CGT allowances and also get 10% discount on the Estate Agents written valuation in this year and also the 10% discount in the second financial year giving. No problem so far all done.
Last year we gifted a second property which the accountant had advised to change ownership to Tenancy In Common in equal shares myself & wife, with D17 to ensure she received the rental income as she is low tax payer.
Now we are informed by the Chartered Accountant Practice, that this does not apply as the D17 effectively means that my wife has become sole owner of the property and therefore only her CGT allowance is allowable. No CGT payable last year as she had sufficient allowance but this year there could be £23,000 adrift.
They also advise now that the 10% discount is not allowable.
Having been advised on several conversations and having paid separately for the advice, this was not brought to our attention. Further, the accountant has delayed sending me my completed tax returns which I lodged on 4th July, I received yesterday with the information of the tax liability.
Are they correct?

[bd6759]

Are who correct? What is the question?

[george price]

The quetions are:-
Is it correct that although the deeds are 50-50 owned, but tenancy in common with 99:1 to my wife with a D17 for the rental income in her favour, means that we cannot utilise our joint CGT allowance only my wife's CGT allowance is allowable. Is this correct?
Secondly, we were advised by the accountant that if we gifted 50% of the propertry to my son in the financial year 10% discount on 100% of the valuation could be applied and furthermore, a further 10% of the 100% valuation would be applied in the following financial year when transferring the remaining 50% ownership of the property meaning it was worthwhile to split the transfer over two financial years. Is this correct?
They also advised that If, however, we transferred the whole 100% in one go in the first financial year than no discount woulkd be applicable. Is this correct?
Thanks

[maths]

Not sure I followed your postings.

If the legal interest is owned jointly and the beneficial interests are held 99/1 (and Form 17 has been lodged) then on a sale any gain will be split 99/1 and each spouse can utilise their annual exempt amount for CGT purposes against their own gain.

Absence Form 17 any gain would be split 50/50.

Gifts by way of part disposals from father/mother to son over time are caught by the legislation which deals with series of linked transactions. This has an effect of the quantum of CGT.