Solicitor insists on letter of "No Audit" to release funds

S

Silver Turfer

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I sold a property in Ireland in September last year,
the auctioneers have been paid
the solicitor has taken his cut
the Capital Gains Tax has been paid
I've had my accounts submitted and I'm all up to date for 2017.

But the solicitor I'm using is not prepared to release the funds to me until
he receives a letter of "No Audit" for CGT purposes as I am a non resident, living in England.

Is this normal?
If it is where can I find any information on this "Letter of No Audit" and who provides it?
 
Hi Mr McG,
So you have not heard of it either?
He suggests that the "revenue" provide it and although they provided me a letter on Friday saying that they were prepared to accept my return and the payment to cover.

But he written to them say he requires
"the standard letter of No audit for CGT purposes"

I'll carry on watching this post in case anyone else can shine light on it
:(
 
He's talking through his behind. There's no way Revenue are going to issue a letter confirming that such and such a return is or isn't going to be audited. It just doesn't work like that. Demand your money now!
 
I agree with DB74. This is something agreed between the Law Society and the Revenue. The solicitor has some type of secondary liability on the sale of a property for a non-resident. It kicks in particularly when the consideration in less than €500K as no CG50 is necessary.
 
Well guys this has been quite a useful forum for me, I can see why the solicitor has been hanging onto my money.
I feel that the procedure is quite opaque and it would have been good if he had spellt out the procedure.
If I understand it correctly he (the solicitor) has to ask the revenue to provide him with this letter/cert/note, I think he has finally written to the revenue to ask for it.
I've had an "all clear note" from the revenue but that was not good enough for him.

Here in the UK, we don't have to use a solicitor .. its still best to use one ... but the prices they charge are much more reasonable.
 
I cant believe it .. the solicitor will not accept my bank details by email...

Under Law Society regulations we are not allowed to accept Bank details by email, therefore please post the top of your Bank Statement with the account details on it to us.


o_O
 
Last edited by a moderator:
Silver Turfer said:
Under Law Society regulations we are not allowed to accept Bank details by email, therefore please post the top of your Bank Statement with the account details on it to us.
Click to expand...

Seems reasonable to me ... what with online fraud etc. possible. Solicitor is only covering his back.
 
I honestly think that they are just being to pedantic ...
They know my bank details they can check against the deposit I paid to them by bank transfer back in September.
Also if they check there records they made a sizable transfer to me a few years ago.

I think its just a ruse to hang onto the proceeds a bit longer.
 
I know it's a pain but your solicitor is doing things "by the book" and this is in your long term best interest. Asking for a copy of your Bank Statement is a security procedure formalised by the issuing of a Practice Note by the Law Society. The Practice Note can be found at:

https://www.lawsociety.ie/Solicitor...ar-Phishing--the-latest-threat1/#.WmheFqhl_IU

Complying with this procedure puts all the responsibility onto your solicitor should something go wrong, for example, funds end up in the wrong place due to a typo during an online banking transaction.
 
It's such a bizarre na
TLO said:
for example, funds end up in the wrong place due to a typo during an online banking transaction.
Click to expand...

Is that a genuine possibility? Do banks not use checksum algorithms (as eg Revenue do) to prevent simple typos causing such havoc?
 
I know that there are indeed scammers who target solicitors by identity theft etc.
And one has to be extremely careful with this stuff ... but I think you should take a pragmatic view.
i.e. if you know the party involved and you have had dealing with them in the past, then its a bit daft to insist on it being sent by post, which I believe is just as open to fraud.

Anyway the good news is they have excepted a downloaded bank statement forwarded to them by email, and I can see no further holdups.

Thank you guys and/or gals for the informative discussion and the chance to "vent my spleen"
Cheers
Silver
 
Silver Turfer said:
I know that there are indeed scammers who target solicitors by identity theft etc.
And one has to be extremely careful with this stuff ... but I think you should take a pragmatic view.
i.e. if you know the party involved and you have had dealing with them in the past, then its a bit daft to insist on it being sent by post, which I believe is just as open to fraud.

Anyway the good news is they have excepted a downloaded bank statement forwarded to them by email, and I can see no further holdups.

Thank you guys and/or gals for the informative discussion and the chance to "vent my spleen"
Cheers
Silver
Click to expand...
I would not use email to send bank details looking at the amount of money we are talking about posting details is a very short time to wait, Leaving scamming to one side if it went into the wrong account and someone spent some of it,
When you think about it the solicitor by having the top of the actual bank statement with the account no on it is taking all of the responsibilty if a mistake is made .he may need it for insurance jf the need arises,
 
T McGibney said:
Countless businesses send invoices by email, with bank details thereon to facilitate payment. Many have their bank details on their websites, for the same reason.
Click to expand...
They may. but in a once off cases it is easy to make a mistake ,solicitors firms dealing with large amount of money anything going wrong could ruin then not to mention fraud,
 
RETIRED2017 said:
They may. but in a once off cases it is easy to make a mistake ,solicitors firms dealing with large amount of money anything going wrong could ruin then not to mention fraud,
Click to expand...
No it's not, unless the bank is totally negligent in terms of not bothering with checksum algorithms and other safeguards against typing and other innocent error/fraud.
 
T McGibney said:
No it's not, unless the bank is totally negligent in terms of not bothering with checksum algorithms and other safeguards against typing and other innocent error/fraud.
Click to expand...
I would be impressed with my solicitor for double checking in the case mentioned above for lots of reasons including internal controls in the company and being able to follow up if a bank made a mistake reading from posters on this forum it is the norm not the exception and protecting me if it happened ,
 
Double checking isn't the issue here. Copying and pasting bank details received by email is, if anything, a hell of a lot safer than transcribing these from a photocopied bank statement, as the OP's solicitor requested.
 
Solicitors in the UK have been targeted as follows.

Scammers hacked email accounts.
They emailed solicitors sending them false bank account details.
The solicitor transferred life changing sums to the false bank account.

The solicitors got caught badly.

Solicitors should probably tell their clients this and ask them well in advance to provide the bank account details in writing.

Brendan
 
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