TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

When is capital gains tax clearance required?

Revenue has published eBrief No. 105/15 to clarify the circumstances where they do not require a capital gains tax (CGT) clearance certificate.

In general, certain circumstances where there is a disposal giving rise to capital gains tax the purchaser may have to withhold fifteen per cent of the purchase price and pay this amount to Revenue. If the seller provides a CGT clearance certificate, full payment can be made. Section 980 TCA 1997 is the relevant legislation.

eBrief No. 105/15 clarifies the circumstances in which the provisions of section 980 TCA 1997 will not be applicable to disposals/sales of assets that are referred to in subsection (2) of that section. The eBrief is published here.