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Credit card government duty

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  • 12-03-2010 5:29pm
    #1
    Mad_Max
    Registered Users Posts: 1,322 ✭✭✭


    What date range does this duty cover? I've read it's april to april, is that correct?

    Basically I'm about to cancel my credit card and from what i read on old threads here I'm going to have to pay the duty for 2009. Question is if I open another one straight away, before April, would I have to pay it again?


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    #2
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    Mad_Max wrote: »
    What date range does this duty cover? I've read it's april to april, is that correct?

    Basically I'm about to cancel my credit card and from what i read on old threads here I'm going to have to pay the duty for 2009. Question is if I open another one straight away, before April, would I have to pay it again?
    Yes. The duty is per account, so if you open a credit card account at any time during the 2009 "year", then you'll have to pay it.

    However, if you are switching your account to another lender, you can obtain a "letter of closure" from the original lender which will exempt you from having to pay the duty again.

    http://www.revenue.ie/en/tax/stamp-duty/leaflets/stamp-duty-financial-cards.html#sectionb


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    #3
    Mad_Max
    Registered Users Posts: 1,322 ✭✭✭Mad_Max


    Perfect, thats what I needed to know.

    I reckon I'll be closing the current one this month and won't be getting the new one until mid April. So I should only have to pay it once? Then the new card will be charged in 2011? All so confusing :o


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    #4
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    dudara


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    #5
    beanyb
    Registered Users Posts: 1,151 ✭✭✭beanyb


    Yeah, you'll pay GSD when you close the current card if it's before the beginning of April. You'll only be charged GSD on the new card in April 2011 if you wait until mid April.


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