Credit card stamp duty

Hi
1) the stamp duty is levied in arrears (ie the charges you've gotten are for 2007-08)
2) I don't know if this is the case or not
3)if they are allowed to do 2) then they are not profiteering, they are imposing a charged that they are allowed to
Regards
Nicola

Liar's Poker said:

2. Is the card company allowed to charge late fees on this
transaction.?

Click to expand...

Yes they are - it's irrelevant how the debit balance was incurred. Most ( maybe all ) cc issuers charge a late payment fee . See the cost comparisons section in here for late payment fees on ccs.

[broken link removed]

I recently closed a CC account in mid may but was then subsequently charged for another €30 government stamp duty (which I also paid on my April statement). Is this correct? From reading the revenue website it states:

"Stamp duty is generally collected on 1 April, in arrears unless the account is closed during the year. The tax year for credit cards runs from 2 April to the following 1 April. This means that the stamp duty charge usually appears on credit/charge card statements in April."

so is the 2nd charge for the period 1/4/08-15/5/08. If I have paid this duty for 2008 on this card does that mean if I open another card I will be charged again in 4/2009?

Thanks

S.

The second bill is for 2008/09 (paid early because you were closing the account).
You should get a letter from your credit card company stating this.
Then if you open another credit card account this year, you will not be charged again
Nicola

I closed UB credit card account over the phone before the end March 2007. Apparently account wasn't closed and UB are looking for stamp duty for last year and this year. Really poor customer service who can't explain stamp duty over the phone and how it works.

On the letter I received:

'The tax is levied annually by the Irish Government, and is charged on 1 April 2008 for the period January 2007 to 31 December 2007. As your account awas closed today, a further fee will be charged to cover the period 1 January to 1 July 2008.'

This doesn't seem correct to me. Here's what I've looked up:





[broken link removed] (March 2008)

When is the stamp duty collected?

Stamp duty is collected in arrears. For example, you can expect that the stamp duty arising in the calendar year 2008 will be charged to your account on 31 December 2008.

When is the stamp duty collected?

Stamp duty is generally collected on 1 April, in arrears unless the account is closed during the year. The tax year for credit cards runs from 2 April to the following 1 April. This means that the stamp duty charge usually appears on credit/charge card statements in April.


[broken link removed] (pg 7 July 2008)


Charge to stamp duty
Stamp duty of €30 is chargeable in respect of each credit card account, maintained by a financial institution at any time during the twelve month period ending on 1 April, referred to as the year of charge.

I should be exempt for this year under the exemption section:

'If the card is not used during the year'

Also looked at http://www.askaboutmoney.com/showthread.php?t=73944

Any thoughts?