If I switch credit cards from one company to another this month, do I have to pay the 40 Euro stamp duty on both cards for 2007/8? Just curious as I would like to switch banks.
Thanks Clubman. Very helpful. Do you know do I have to wait to recieve the closing letter before I should open the new account or can I start to open the new account now and then when I get the closing letter (which could take a few weeks) forward it on to the new bank?
Do you know do I have to wait to recieve the closing letter before I should open the new account or can I start to open the new account now and then when I get the closing letter (which could take a few weeks) forward it on to the new bank?
If you switch accounts after 2 April 2005 you should pay the stamp duty to old Bank/Card Issuer on closing the account. It will be requested in your final statement. Your old Bank/Card Issuer will then issue you with a Letter of Closure. This letter will confirm that you have paid the stamp duty for the period in question. You should present this letter to your new Bank/Card Issuer, who will not bill you for stamp duty for that period.
Clubman,
I did read the post. I think you may have misunderstood my question. Must you wait for the closing letter to open the new account or would it suffice to start opening the new account while the other is in the process of being closed? I ask this question because I do not want to have a period without the use of a credit card. I just want to make sure that if there is an overlap as stated above that I will not be liable for stamp duty on two cards. It is not as if I am doing a switcher current account which theoretically elimates the loss of current account services in the switch. I am switch from lets say BOI to MBNA for example.
u can open the new account and ask for a balance transfer, this way u won't be without a card.
if not transfering balance, still open new account, close old one and get the letter, forward it to your new bank, they won't charge u for the new account staright away anyway