Credit Card Duty

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GoldDigga

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I recently paid off the Balance on my MBNA Credit Card and instructed the guy on the phone to cancel my card as I no longer wished to use it. MBNA told me they could zero the account, but that I would still be charged the 40 Euro Government Duty even though I dont want to use it anymore. Is this correct?
If so are the payment times not being adjusted this year from April to January to bring them in line with The Tax Year resulting in a lower payment for this year only?
 
You must pay the €40 on closing the account, so they are correct. As long as you don't have any more than one account open at any one time, you will not be liable for another €40.

I'm not aware of any change, proposed or otherwise, in the legislation.

There is plenty of discussion of the cc stamp duty issue elsewhere in this forum.
 
I think you've half-answered your own question. The annual duty is levied in respect of each card you hold on 1st April. If you cut up all your cards and close the accounts a day later, there's no proportional refund.
 
I do have another Credit Card with Bank Of Ireland that I want to continue using, so I suppose I will have to pay a double charge this year
 
I transferred my balance to a new Credit Card a few months back. I've only cancelled the old one now & have paid the €40 stamp duty. Am I liable for another €40 stamp duty on the new card as I had both together. Didn't use the old one at all after transferring the balance if that makes a difference.
 
Ask old cc company for a letter of closure, which will say that you already paid the duty for this tax year. But if your other card was open before you closed the old one, then you'll have to pay again in April.
 
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