Dear Mr
I. Pancake,
I refer to your email dated 30 January 2008.
The Minister for Finance announced in his Budget speech on 5 December 2007 a reduction in stamp duties chargeable on financial cards. The changes in the rates of stamp duty are set out in the table below.
Card Type____________________________
Old________________________________
New
Charge cards & Credit card accounts______€40_________________________________€30
ATM cards____________________________€10_________________________________€5
Debit cards___________________________€10_________________________________€5
Combined ATM/Debit cards______________€20_________________________________€10
To give immediate effect to the Minister's Budget announcement, the reduced rates are being applied, on an administrative basis by Revenue until the enactment of the Finance Act 2008.
In relation to credit card accounts and charge cards the change will take effect for accounts/cards chargeable to duty in 12 month accounting period ending on 1 April 2008 - i.e.
from 2 April 2007, while in relation to ATM cards, Debit cards and Combined cards the reduction will have effect for cards chargeable in the year ending on
31 December 2007.
Section 114 of the Finance Bill 2008, published on 31 January 2008, confirms the new reduced charges for ATM/Debit/Combined cards take effect for the year ending 31 December 2007 and for credit card accounts and charge cards for the year ending 1 April 2008.
Following the Budget speech, Revenue consulted with the Department of Finance and advised the Irish Bankers Federation that on closure of a credit card, banks are to apply the reduced rate of €30 instead of €40 and provide a
refund of €10 for customers who closed their accounts on or after 02 April 2007 and paid €40 duty in respect of the charging period 02/04/2007 to 01/04/2008.
In relation to the delay by your former credit provider in refunding €10 to you, I suggest you seek the advice of the Financial Regulator.
Consumer helpline Lo-call 1890 777 7777
Email
consumerinfo@financialregulator.ie
Information Centre, 6-8 College Green, Dublin 2
(Opening hours from 9.30am to 5pm Monday to Friday)
Write to
Consumer Information Department
Financial Regulator
P.O. Box 9138
College Green
Dublin 2
Yours Sincerely,
Xxxxx Yyyyyyy
Financial Services (Banking)
Office of the Revenue Commissioners
Large Cases Division
Setanta Centre
Nassau Street
Dublin 2
Ireland