Credit Card Tax

Hi,

I am sure this has been answered before so forgive me but I cannot see it at the mo.

If you apply for a new credit card to do a balance transfer but keep your old credit card also (as it allows me to have a minimum limit of €200), do you incur double government card tax on both if you keep them indefinitely?

Thanks.

veron01 said:

If you apply for a new credit card to do a balance transfer but keep your old credit card also (as it allows me to have a minimum limit of €200), do you incur double government card tax on both if you keep them indefinitely?

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Short answer-Yes.

Even shorter answer - No.

You do not incur double stamp duty on both, you incur double stamp duty (i.e. two lots, one for each account) but not two lots on each account (i.e. quadruple).

The only thing is, you won't have to pay tax on either card until April 2006 as it's collected for previous 12 months, so not an immediate cost.

Dearg Doom said:

Even shorter answer - No.

You do not incur double stamp duty on both, you incur double stamp duty (i.e. two lots, one for each account) but not two lots on each account (i.e. quadruple).

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Fair enough-I did not take into account that the original post mentions double tax on both cards. I was assuming that they were just asking whether there would be stamp duty payable in respect of both cards/accounts.