LPT revised Revenue clearance guidelines - follow up
Revenue鈥檚 revised clearance guidelines for LPT are stated to be effective from 1 September 2017.
The committee posed the following question to Revenue: 鈥淥n the effective date, is there a Revenue view on whether it applies where contracts for sale are entered into on 1 September 2017, or where the sale closes/deeds of transfer are dated 1 September 2017?鈥
The reply received from Revenue was: 鈥淭he benefit of the new thresholds for general and specific clearance will be available from 1 September to any vendor who is involved in any stage of the sale process on that date 鈥 unless s/he has already submitted an LPT5 to Revenue. We would, however, expect that any applications for specific clearance in respect of sales closing on 1 September would have been submitted at this stage under the old conditions.鈥
The committee thinks that Revenue has taken a pragmatic view on this matter, and this approach allows the maximum number of cases possible to avail of the new thresholds.