Non-Resident Vendor of Property

H

Ham Slicer

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When a non-resident individual sells a property in Ireland the solicitor is obliged to withhold the funds from the vendor until such time as Revenue gives them permission to release the funds.

Question: What kind of permission are we talking. Have had different answers to this question.

Will an assessment (all paid up) suffice or is an acutal letter spelling it out required?
 
Sorry Yes.

I've worked out gain and submitted CGT Return together with cheque due.

Any ideas?
 
Submit the tax clearance form CG50 [broken link removed] using option (c) that the tax has been paid, then Revenue will send out the clearance certificate CG50B authoring the release of the money.
 
xeresod said:
Submit the tax clearance form CG50 [broken link removed] using option (c) that the tax has been paid, then Revenue will send out the clearance certificate CG50B authoring the release of the money.
Click to expand...

I don't believe a CG50A will suffice. It's not the purchaser withholding the CGT. It's the solicitor withholding total sale proceeds (after discharging CGT and usual expenses)
 
Sorry, didn't realise it was the full amount, I just presumed it was the usual 15% :eek:
 
The revenue will, eventually, send out an assessment confirming that there is no tax due. They may in the meantime, or subsequently, send out assessments for income tax if the property was rented prior to the sale. This takes some time (about 3 months) and can probably be hurried up by calling the non-resident section on O' Connell street. You will need to give the final all clear assessment (both taxes!) to the solicitor. A solictor receiving the proceeds of sale on behalf of a non resident cannot remit funds out of the country with out the tax clearance. A solicitor making the cgt return on behalf of a non resident will get the income tax bills made out to them personally!
 
I think was is being looked for is:

Certificate Issued Under Section 980 TCA 1997

- this allows the consideration to be paid without deduction of CGT, the amount that would otherwise be deducted is in Paragraph 4 in Section 980.
 
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