Revenue update on tax-clearance process
The Law Society has advised practitioners of an important update from Revenue to its guidance on the tax-clearance process for non-resident vendors of land and buildings.
The tax authority has issued an eBrief and an updated version of Tax and Duty Manual Part 45-01-05 on ‘Requests for clearance – disposal of land and buildings by non-resident vendors’.
The updates to the guidance include clarification on the question of rental income, where no chargeable gain arises.
The Law Society Taxation Committee is reviewing the updated guidance and says that it will issue updates to the related practice note shortly to take account of relevant changes.