Solicitor has to hold on to proceeds - how long for a Letter of No Audit to be issued by Revenue?

amdublin

Law Society rules dictate my solicitor must hold on to proceeds of house sale until a letter of No Audit is obtained. Non resident selling Irish property. I am not arguing this rule....

But has anyone been in this scenario? Anyone know how long it is taking Revenue to provide this letter these days?

amdublin

Anyone?!

Marcusm

https://www.boards.ie/discussion/2058231383/solicitor-has-to-hold-on-to-proceeds-how-long-for-a-letter-of-no-audit-to-be-issued-by-revenue

IWas this a private house sale? Do the proceeds exceed 500k? the proper procedure is for the solicitor to obtsin a CG50 clearance (which is very different from a letter of no audit) after signing but before completion of the contract. Was this not done?

Algternatively,is this a business property? even thenthe CG50 [procedure takes precedence.

amdublin

-It is a private house sale (by a non resident). My solicitor (and I) am very clear on the requirements. The question is how long it will take!

Anyone in the same situation ever? Any one know how long it is taking for Revenue to issue a No Audit letter?

amdublin

Ps. CG50 applies to residents. I am a non resident

"How do you get a CG50A?

To obtain a CG50A from us, you must meet at least one of the following criteria:

• be a resident in this country
• have paid CGT on the disposal (if it is due)."

Marcusm

https://www.boards.ie/discussion/comment/118600842#Comment_118600842

Nope; if you are a non-resident then you file a CG50 application eitherdemonstrating that no tax is due or with an undertaking from the solicitor to retain and remit the CGT due or else suffer the statutory withholding if less. I have seen this from all sides, asa tax adviser for non-residents and as a punter when I returned o Ireland and purchased a house from a non-resident and had to wait for the muppet to gather proof of his refurb costs to prove that no tax is due. If you don’t have a PPSN then it takes longer as one has to be obtained. I repeat it is not letter of no audit and it is very simple. Sign contract, establish if CGT is due and submit CG50.

amdublin

https://www.boards.ie/discussion/comment/118623271#Comment_118623271

11. Non-resident vendors

Solicitors are advised that the above clearances are separate to the procedures that apply when acting for non-resident vendors. A procedure has been agreed between the Law Society and the Revenue where, after a disposal has been notified to Revenue by a solicitor and he/she obtains a letter of ‘no audit’, then the Revenue will not subsequently pursue the solicitor for any unpaid taxes of the vendor. This procedure should still be followed, whether or not a CGT clearance certificate is required.

This is from this here:

https://www.lawsociety.ie/Solicitors/Practising/Practice-Notes/Capital-gains-tax-clearance-certificates#.YglNxd_MKUk

Anyone got any idea how long Revenue is taking to issue these letters?

Marcusm

https://www.boards.ie/discussion/comment/118625908#Comment_118625908

That is just bolloxology arse covering by solicitors; there is no lawful basis for requiring such a letter and while the practice developed over a period of time, Irish Revenue has been saying for 3 years that they are not happy having to deal with these requests as they are properly dealt with via the CG50 process - check TALC minutes if you don’t believe me. Do you regularly file Irish tax returns? If yes then you may be able to apply directly but as I have said it is not a statutory process and is thus subject to no ability to expedite it.

Shauna677

A friend in the UK waited over 6 months back in 2019 for her money after an Irish house sale . She also had to apply for PPS number first.

amdublin

https://www.boards.ie/discussion/comment/118627022#Comment_118627022

Oh Lordy! Thanks. I have a ppsn but but not recognised by revenue because I've never paid tax. My accountant is looking after it. doing a return for the last two years, plus this cgt issue (zero gains btw!!!) and hopefully this will get progressed quicker than 6months ugh!

amdublin

https://www.boards.ie/discussion/comment/118626956#Comment_118626956

Look I get you are trying to help me and thank you! But at the end of the day my solicitor won't release funds with out this letter, I need the letter.

All I am looking for is information on how long Revenue are taking to process a letter of No Audit in this scenario (No CGT due etc)