Not true. If you close the account mid-year then you will be charged SD at the time of closure - unless the card was not used in the year in question in which case no SD liability arises.Yes - supporting link.
According to the above if you close the account with an ATM card before December 31 you can avoid the ATM duty as it only applies to accounts open on the Dec 31.
Not true. If you close the account mid-year then you will be charged SD at the time of closure - unless the card was not used in the year in question in which case no SD liability arises.
The duty is charged each year for cards held on December 31. This means that you can change to a new bank account during the year but you will not be charged for cards on your previous account if it is closed before December 31.
Sorry - my mistake. I was working off the old rules...Are you disputing this statement from the above link and/or can you cite evidence to the contrary?
Funny that they leave a bit of doubt with words like "generally" and "unlikely"...What if I close my account but do not switch to a new account?
If you close your account before 1 January 2006, you will generally be liable for stamp duty as the charge relates to cards held at any time during the year and a charge to stamp duty will generally appear on your final bank statement. If you close your account after 1 January 2006 it is unlikely you will be charged stamp duty because after 1 January 2006 the duty will be collected on accounts valid on 31 December each year.
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