Credit card tax

This new thing about only having to pay the tax once even if you switch your credit card to another bank/company. Does this rule apply now or after april? If I switch from AIB to someone else now will AIB still charge me along with my new company

re: cc tax

Hi munsterman25

Wait until 02 April. You will be caught for the switching tax if you change now.

Marion :hat

Re: cc tax

this cc tax is very confusing.

i have just been on to aib cc about closing my cc account over the Sentinal/Pinnacle issue, not switching, and i was told that i would be liable for a €40 charge.

Apparently this is because it runs in arrears, i.e. tax paid last April 2004 was for 2003-2004, therefore new tax is due next April, to cover 2004-2005.

So, when i close this account, should i ensure that there are funds left to pay this tax next April, or what is the procedure?

anyone clarify, please.

I just could'nt bear to continue this conversation with the person in AIB's call-centre, as she was an extremely arrogant and high-handed person and there was smoke leaving my ears.

Re: cc tax

When you close the account they will issue a further statement which will include outstanding amounts plus the extra €40 - they charge this to an account whenever it is being closed.

z

Re: Laser card tax

Moving current a/c from BOI to NIB.

Slightly confused about this double charging of Laser card tax
on closing of a current a/c before 2/4/05 and opening of a new a/c elsewhere.

If I close say 31/3/05 do I get hit for Laser Card Tax in BOI
and a further one in NIB in early April for their Laser Card.

Or is it just the BOI charge me on closing and NIB charge in April 2006.

Or do I wait until after 2/4/05 as Marion says to close the BOI current a/c thereby getting hit once in April 2005 and once in April 2006.

Thanks

Hi Martini

Laser tax is different

16. Stamp Duty Exemption for Switching of Financial Cards
The Bill provides for a stamp duty exemption from the double charge arising from the switching of financial cards such as credit cards, charge cards, ATM cards and Laser cards. Consultations by the Department of Finance and Revenue have taken place with relevant
bodies about the timing and scope of the legislative provision.

The changes provide that a person will only be liable for one stamp duty charge in a particular year where they have switched either the financial product or provider during that year.

This change will come into effect from 2 April 2005 in relation to credit cards and charge cards and from 1 January 2006 for all ATM, debit (Laser) and combined cards.

Click to expand...

In effect, you will be caught when you change - unless you decide to wait until 01 January 2006.

Marion :hat

Thanks, Marion