Credit Card Gvt Tax

K

kedders

Guest
Can anyone tell me with credit cards if you have two from different institutions are you liable for the 40 euro government tax on each?
 
If you have them at the same time - yes. If you cancel one to switch to another then there should be only one charge if you follow the Revenue guidelines for switching and avoiding multiple CC SD charges. Note that Budget 2008 changed the tax to €30 but I don't know if that applies to cards now (i.e. on which the SD would be levied around April) or only from April 2008 onwards. See this thread.

Cancelling Halifax Cc after only 1 months use
 
Switching Credit Card providers

Also if you take a credit card out in Oct 07 and switch it to another institution three months later are you liable for two 40 taxes for financial year apr 07 to apr 08?

E.G I have a BOI credit card opened in OCT 07 if I switch now will I be charged 40 euro by BOI when I terminate this account andn another 40 in april with my new credit card provider
 
Re: Switching Credit Card providers

If you're closing the BOI card, you're charged the Stamp Duty on closure. You will receive a letter or a statement which says you've paid the duty.

Bring the letter to your new credit card provider and you will not be charged the stamp duty again in April 08.
 
Re: Switching Credit Card providers

kedders said:
Also if you take a credit card out in Oct 07 and switch it to another institution three months later are you liable for two 40 taxes for financial year apr 07 to apr 08?
Click to expand...

No as gipimann says but stamp duty on ccs was reduced to €30 in the recent budget so if you closed a credit card account on or after April 2 2007, and you were charged 40 euro stamp duty, you are entitled to a refund of 10 euro from the bank or financial institution.
 
Re: Switching Credit Card providers


I can confirm this. I closed my MBNA card recently (after the budget) and was only charged €30 for the year ending April 2008. I actually deposited €40 to cover the charge and they sent me a cheque for €10 and a Letter of Closure.
 
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