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Charging stamp duty on credit card account closure

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  • 11-01-2015 11:55pm
    #1
    spiderbaby2000
    Registered Users Posts: 19 ✭


    Hi,

    I severed my ties with BOI after many frustrations and the ridiculous fee structure. On closing my credit card account, I was told that I would have to pay stamp duty on the account.

    Can someone explain this? I paid the duty @April 2014 which I would have assumed would cover me until end of March 2015. Is the stamp duty a retroactive charge? When the government introduced it, was it to cover the previous year?

    Reading up on this, it looks like stamp duty should not be charged on a current account card if that account is closed before December 31st. What the hell? I think I may have been charged stamp duty for closing my current account anyway.

    Thanks, BOI / Fianna Fáil; when I moved back to Ireland, my business will be taken elsewhere. Nice job pushing away longtime customers.


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    #2
    Bank of Ireland: Sarah
    Closed Accounts Posts: 1,640 ✭✭✭Bank of Ireland: Sarah


    Hi spiderbaby2000,

    Thank you for contacting us on Boards.

    Yes the Government Duty is applied annually to all Credit Cards on the 1st of April. This tax is charged in arrears on all credit cards and is applicable to all accounts with a Republic of Ireland address. Therefore when you closed your Credit Card account, you would be charged for this for the use of your card since April 2014. Further information on the Government Stamp Duty can be located here.

    I hope this helps and please do not hesitate to contact us if you need help with any other query.

    Thanks,
    Sarah


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    #3
    Delta2113
    Registered Users Posts: 2,707 ✭✭✭Delta2113


    My Mother died in February 2015 and credit card account was closed with no money owing. I am acting as executor and I am wondering will €30 stamp duty be still due in April 2015?

    Below is wording from Revenue:-

    "What if I am the administrator of an estate?
    In the case of a credit card account or a charge card account, where the cardholder has died and the account is closed, there is no duty payable in respect of the credit card account or charge card account on the following 1 April."

    In my Mother's case do they mean April 2015 or April 2016? Please help as Revenue have been no help.

    Thanks in advance BOI.


  • Options
    #4
    Bank of Ireland: Janet
    Closed Accounts Posts: 314 ✭✭Bank of Ireland: Janet


    Delta2113 wrote: »
    My Mother died in February 2015 and credit card account was closed with no money owing. I am acting as executor and I am wondering will €30 stamp duty be still due in April 2015?

    Below is wording from Revenue:-

    "What if I am the administrator of an estate?
    In the case of a credit card account or a charge card account, where the cardholder has died and the account is closed, there is no duty payable in respect of the credit card account or charge card account on the following 1 April."

    In my Mother's case do they mean April 2015 or April 2016? Please help as Revenue have been no help.

    Thanks in advance BOI.
    Hi Delta2113,

    Thanks for your post. 

    I'm sorry for your loss.

    We have looked into this for you and as your Mother died in February 2015 the account would not be liable for the closure Government Stamp Duty 2014/15.

    Janette


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