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Tax clearance cert delay

CiboC · 2019-07-09 00:48:47

If a vendor is unable to provide a tax clearance cert does this: 1) Prevent the sale from being completed until such time as it becomes available or 2) It's the vendor's problem - if he wants the funds from his own solicitor he has to sort it out but the buyer isn't held up due to it's absence?

09-07-2019 12:48am

#1

CiboC

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Posts: 494

If a vendor is unable to provide a tax clearance cert does this:

1) Prevent the sale from being completed until such time as it becomes available
or
2) It's the vendor's problem - if he wants the funds from his own solicitor he has to sort it out but the buyer isn't held up due to it's absence?

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Comments

#2 09-07-2019 6:21am

Marcusm

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Posts: 10599

Can be both. It’s unusual for either side to wish to proceed in the absence of the tax clearance cert as if the sale is completed before it’s issued then it will not be issued - the applicant is required to confirm that the sale has not completed, and will not complete, until/unless it is completed. This is not a matter of the purchaser or vendir’s Solicitor retaining the funds pending receipt of the certificate on a completed sale. In circumstances where the withholding is less than the actual tax due on sale, the tax may often be withheld.

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