CGT clearance

recipesforme

Hi,

Could anyone tell me how long it takes to get a CGT clearance form from revenue?
We're in the process of buying a house and the vendor requires this form for the sale but it's pushing out our closing date for weeks!

Many thanks

J.Ryan

generally 3 to 5 days from recent experience

recipesforme

Thanks for that J.Ryan.

We've been told it'll take 5 weeks....interesting!

J.Ryan

recipesforme wrote: »

Thanks for that J.Ryan.

We've been told it'll take 5 weeks....interesting!

Just to qualify my statement, if it makes a difference (it may not), I was applying as the agent of the construction company in relation to new builds.

recipesforme

I guess at the end of the day, it won't make much difference - we still have to wait it out.

Thanks again for your reply

Marcusm

recipesforme wrote: »

Thanks for that J.Ryan.

We've been told it'll take 5 weeks....interesting!

That timescale would imply to me that they either don't have the information together or there is some complexity. Is the vendor Irish tax resident? Is it a receiver sale?

recipesforme

Hi Marcusm - it's not a receiver sale but, actually the vendor's not an Irish resident. I'm guessing that would change things then?

Marcusm

recipesforme wrote: »

Hi Marcusm - it's not a receiver sale but, actually the vendor's not an Irish resident. I'm guessing that would change things then?

A non resident will get CGT clearance either on the basis that no gain arises or that the solicitor undertakes to pay the CGT out of the proceeds (assuming that the CGT liability is lower than the tax which would otherwise be withheld). This requires the tax agent for the vendor to gather the information together, prepare the calculations and file the CG50 together with the executed contract. Revenue can turn them around pretty quickly - less than a week is not usually a problem. It might be that the vendor has not got the paperwork together - perhaps deposited it with family when left the country etc. This is not unusual but is fecking annoying. Solicitors dealing with non resident vendors should have enough cop on to insist the client pulls it together earlier in the process.

recipesforme

Thanks for this ^^ We couldn't understand what would take so long - at least now we know. We were so close to closing and now they've added another 5 weeks to proceedings because the necessary paperwork wasn't sorted. It's just a huge pain in the face.