Can anyone tell me [CC Stamp Duty]

faolteam

My credit card with Bank of Ireland is due to expire August 2012

if i cancel it now will i be charged for 2 credit cards in April , So when is the best time to Cancel a Credit card so you dont incur these charges thank you ,,,

Raladic

I assume you are talking about the Government Duty, in which case, you already paid for the duty for this year until April next year. If you cancel the one card, you should get a letter stating that, which you can hand to the new bank and they won't charge you stamp duty again.

More details here:
http://www.citizensinformation.ie/en/money_and_tax/tax/duties_and_vat/stamp_duty_on_financial_cards.html

faolteam

different card and when the new one comes just cut it up

roro2

faolteam wrote: »

different card and when the new one comes just cut it up

No, unless you close the account, you will not get a letter from BOI confirming the stamp duty is paid.

NuMarvel

Raladic wrote: »

I assume you are talking about the Government Duty, in which case, you already paid for the duty for this year until April next year. If you cancel the one card, you should get a letter stating that, which you can hand to the new bank and they won't charge you stamp duty again.

More details here:
http://www.citizensinformation.ie/en/money_and_tax/tax/duties_and_vat/stamp_duty_on_financial_cards.html

Not quite. The stamp duty paid in April is for the preceding year, not the current year.

OP, if you cancel your Bank of Ireland card now, you'll be charged the Govt Duty for 2012 upon closure. However, if you're changing to another provider as Raladic outlines above, you only pay the Duty once per year per account.

homer911

Note that the duty is per account, not per card