Taxes Consolidation Act 1997 section 980

Section 980 requires the purchaser of certain specified assets to withhold 15% of the purchase price as capital gains tax and pay it to the Collector-General, unless the vendor produces a tax clearance certificate.

• A purchaser of land, minerals, exploration rights, unquoted shares deriving value from those assets, or goodwill of an Irish trade must deduct 15% of the consideration as withholding tax, unless the vendor produces a CG50A clearance certificate or other qualifying certificate
• The withholding obligation does not apply where the consideration is €500,000 or less (€1,000,000 or less for a house or apartment), or where the vendor is a body exempt from capital gains tax under Schedule 15
• The purchaser must deliver an account of the payment and the amount withheld to Revenue and pay the 15% to the Collector-General within 30 days, on a self-assessment basis; the vendor receives a credit for the tax withheld when computing the capital gains tax on the disposal
• Where the consideration is non-monetary and the vendor does not produce a clearance certificate, the purchaser must notify Revenue within seven days and pay 15% of the market value of the consideration to the Collector-General, with a right to recover the amount from the vendor as a contract debt