Stamp duty

nesswill

Hi.. I went into a Boi branch today to cancel/close my credit card.. I had cleared my balance in the last few weeks.. I was told I would have to pay stamp duty before closing it.. I was under the impression that I had paid for the year in April 16. Is this correct that I have to pay it again now if I want to close the account.. Tia

Bank of Ireland: Elaine

Good Morning nesswill, 

Thank you for getting in touch with us here on Boards.ie. 

The Government Stamp duty of E30 is collected by Bank of Ireland on behalf of the Revenue Commissioners and is applied upon closure of a Credit Card as it is charged in arrears on all accounts. 

The tax year for Credit Cards runs from the 1st of April to the 31st of March each year. The E30 which you would have paid on the 2nd of April 2016 was for the previous tax year running from the 1st of April 2015 to the 31 of March 2016. As your account has been open within the new tax year the Government stamp Duty is charged upon closure. 

If you are changing your card to another Credit Card provider and once you have paid this years tax with ourselves, you are entitled to whats known as a 'Government Stamp Duty exemption letter'. This letter confirms that you've paid the tax for this year which would make you exempt from paying this fee on your new card. This term only applies if you are moving from one provider and opening a new account with another provider. 

I hope this helps answer your query and if you need anything else, please let me know. 

Thanks, 
Elaine 

nesswill

Oh thanks for that.. I don't know why I thought that it was paid for the year to follow. My mistake. Thanks again