When is a CGT clearance certificate not required?
Revenue has clarified the circumstances where a CGT clearance certificate is not required per section 980 Taxes Consolidation Act 1997 (TCA 1997). This clarification follows a number of queries raised by practitioners.
The Revenue Tax and Duty manual has been amended to state that section 980 TCA 1997 will not apply to the following scenarios:
- Sales of loans by financial institutions on land in the State in the course of a trade not carried on in the State;
- Sales of such loans by section 110 companies in the course of their trade in the State;
- Payments made to non-resident unit holders in investment undertakings within section 739B TCA 1997 and 739C TCA 1997.