Stamp Duty on financial cards
Credit cards and charge cards
The rate for credit cards is €30 per year per credit card account. The charge for credit cards is against the account and not the number of cards issued to that account.
The rate for charge cards is €30 per year for each charge card issued to an account.
Your financial institution will generally collect Stamp Duty on 1 April, in arrears, unless you close the account during the year. The tax year for credit cards runs from 2 April to the following 1 April.
If you switch accounts you should pay the stamp duty to the old bank or card issuer on closing the account. Your old bank or card issuer will request the Stamp Duty in your final statement and will then issue you with a Letter of Closure. This letter will confirm that you have paid the Stamp Duty for the period in question. You should present this letter to your new bank or card issuer, who will not bill you for Stamp Duty for that period.
If you change credit card or charge cards a number of times in the same accounting period, you will only be charged on the original account. This is provided you obtain a Letter of Closure each time you close the account. The second or subsequent bank or card issuer will issue a Letter of Closure once it has proof that the duty was paid on the first account.
If you close a credit card account in the same period as it is opened and no card on that account has been used there will be no charge to Stamp Duty.
If you close your credit card or charge card account during the year and you do not switch to a new account a Stamp Duty charge will apply for the account maintained during the preceding year.
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