Solicitor holding house sale proceeds...

Hi,

Quick one. I recently sold my house in Dublin (about 4 weeks back). As I do not live in Ireland and need to pay CGT I got my accountant to do a tax calculation and this was forwarded to the revenue. My solicitor says he cannot release the money to me (about 150K) as the revenue will not let him do that until they come back and verify that the CGT calculation is correct.

Is this normal practise? The suspicious side of me thinks that the solicitor is earning all that interest on my money!



Cheers, iarmst.

Law Society stated best practice:

" It would be prudent for a solicitor acting for a non resident in the case of disposal of a specified asset who is in receipt of sale proceeds not to release proceeds until CGT return filed with Revenue and Revenue issue a "no audit" letter."

mf

Anyway, the solicitor has to pay you any interest earned on your money.

Sherman said:

Anyway, the solicitor has to pay you any interest earned on your money.

Click to expand...

If you ask. Most solicitors don't do it by default and many people (probably most) don't ask. Years ago some solicitors used to earn quite a tidy sum in interest but in the current low rate enviroment I'd imagine its not very significant any more.

Thanks for the replies, very helpful! I never knew you could ask for interest earned, so I'll ensure I do that. My solicitor has always been extremely professional, so I have no worries that this will continue.

Cheers, iarmst.