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?
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