M MoTown Registered User Messages 11 10 Feb 2015 #1 I am thinking of switching bank accounts. Will I be hit with stamp duty for a new credit card?
M michaelm Registered User Messages 2,121 13 Feb 2015 #2 If you are changing to a different credit card account you don’t have to pay the duty again for that year. When you are closing the account your card issuer will give you a letter of closure stating that you have paid your stamp duty for the year. If you give this letter to your new card issuer, you will not be charged stamp duty by them for that year. You can change account as often as you like during the year without paying extra duty, as long as you transfer a letter of closure between the card issuers each time.
If you are changing to a different credit card account you don’t have to pay the duty again for that year. When you are closing the account your card issuer will give you a letter of closure stating that you have paid your stamp duty for the year. If you give this letter to your new card issuer, you will not be charged stamp duty by them for that year. You can change account as often as you like during the year without paying extra duty, as long as you transfer a letter of closure between the card issuers each time.