Our standard transfer schedules go to IR each Friday. Transfer lines which are automatically processed by IR’s system could show up on the IR statements within a few hours. Automatic processing can therefore be completed as early as that Friday evening, with the rest coming through by the Tuesday or Wednesday of the following week.
If you are finding some transfers are taking longer than this to show on your clients IR account, please do not be concerned, it is most likely the transfer has been assigned to a manual processing queue for review and processing by a team member in the tax pooling team at IR. Where this occurs, IR have 15 working days from the date of transfer to process or otherwise query the transfer with us. During this time, your normal IR representatives do not have a view of the pending transactions, so if you have any concerns please contact us. Please note we can only action follow ups with IR on transfers which are pending once the 15 working day time period has lapsed.
No matter how long transfers take to get processed through IRs system, when it arrives it will be assigned to the tax date so that late payment penalty fees and use-of-money interest will be removed. The time it takes to process has no adverse effect on the transaction itself.