Limits for CG50s
06 March 2020
As seasoned solicitors, we all know how to pace ourselves, be it at work or socialising. So its important to know your limits. This also applies for capital gains . . . certainly not as entertaining as socialising but something that might drive us to drink!
You will recall that you require tax clearance when selling property through the CG50 procedure. Remember the current limits for a CG50A. €500,000 for any non residential property and €1 million for residential property (eg a house or an apartment). Get your CG50As done in good time prior to closing. You can only submit your CG50 to Revenue once the contract is signed by both parties. It is my experience that the Revenue are generally good for turning around a CG50 in a 3 to 4 day timescale as long as any queries are dealt with straight away. GC50s can be sent in by post to the relevant Revenue office or electronically through My Enquiries on ROS.
Revenue is currently developing an electronic CG50 application process and gave a presentation on their plans at a recent meeting of TALC Collections (TALC stands for Tax Administration Liaison Committee). It is anticipated that the eCG50 will be available in the first half of 2020. So watch this space