Last day to cancel credit card before yearly Government levy is applied on 2nd April

guscon

Hey Folks,

If you are thinking of cancelling any unused credit cards make sure ya do it today to avoid the 40 euro levy being applied by your bank on behalf of the tax man

Pablo1802

guscon wrote: »

Hey Folks,

If you are thinking of cancelling any unused credit cards make sure ya do it today to avoid the 40 euro levy being applied by your bank on behalf of the tax man

It's €30 per year per credit card account
HAve a look at:
http://www.revenue.ie/en/tax/stamp-duty/leaflets/stamp-duty-financial-cards.html#sectionb
You need to have null balance on credit card account to make a request for a account closure on the same day.

Poochie05

And remember the €30 is applied in arrears so you will be paying this duty when you cancel, to cover the last year.

Delta2113

What if I am the administrator of an estate?

In the case of a credit card account or a charge card account, where the cardholder has died and the account is closed, there is no duty payable in respect of the credit card account or charge card account on the following 1 April.

househero

You would be charged the 2014 fee still. Just wouldn't be liable to the 2015 fee.

Delta2113

Mother died in February 2015 and card was cancelled. It says no duty "on the following 1 April".

I take this to mean no charge to appear on bill in April 2015. Am I wrong?

JTL

Used to work in a credit card company and despised this time of year. Customers just couldn't get their head around the fee.

Delta2113

JTL wrote: »

Used to work in a credit card company and despised this time of year. Customers just couldn't get their head around the fee.

-JTL -what is your understanding of the 'following April 1'. Was bank correct in applying €30 charge to my deceased Mother's credit card account?

JTL

In the account was closed/cancelled in Feb 2015, a final statement should have been sent with any outstanding balance and the government tax levy of 30 Euro included.
If the account is fully paid off and closed, there should be no reason why a charge would appear in April 15.

JTL

househero wrote: »

You would be charged the 2014 fee still. Just wouldn't be liable to the 2015 fee.

This is 100% correct.

Delta2113

JTL wrote: »

In the account was closed/cancelled in Feb 2015, a final statement should have been sent with any outstanding balance and the government tax levy of 30 Euro included.
If the account is fully paid off and closed, there should be no reason why a charge would appear in April 15.

So your saying the €30 does have to be paid one way or the other?

JTL

Yes. For the period between April 14 and Feb 15.

Delta2113

Still cant get my head around this. Lets say I just paid my €30 stamp duty for 2 April 2014 to 1 April 2015 and then i die in say May 2015 my executor of my will would have to arrange payment of €30 for 2 April 2015 to May 2015?

Toots

Delta2113 wrote: »

Still cant get my head around this. Lets say I just paid my €30 stamp duty for 2 April 2014 to 1 April 2015 and then i die in say May 2015 my executor of my will would have to arrange payment of €30 for 2 April 2015 to May 2015?

Unfortunately yes.

Mena

Why not just bill it in advance... :-/

Delta2113

Say in the situation I just mentioned, my executor would not have to pay €30 again in April 2016 with the account being closed and €30 being paid for just 2 April 2015 to May 2015.

It seems pretty obvious with account closed you wouldn't be paying the following year.

The wording on the revenue website is not very clear and if they gave an example just like I did it would help alot.

If it needs to be paid and its the rules no problem it will get paid.

Delta2113

Mena wrote: »

Why not just bill it in advance... :-/

- My understanding is that we are the only country in the world that has this tax and it's anti competitive in my opinion but that's for another thread.

As long as they are keeping it they should make it the same date as debit cards i.e December 31.

Delta2113

http://www.boards.ie/ttfthread/2057359927/1#post95024600 - not liable ref BOI.

Getting the wrong info on this thread according to BOI regarding the death of credit card holder.