Stamp Duty if you have account abroad - Revolut, Number26, German, UK accounts etc.

LostGilbert

So I'll be moving to Ireland soon. I was going to change my address on a Euro American Express Charge Card to the Irish one. I'm pretty sure Amex don't automatically take the Irish Government Stamp Duty off me for having a Card with an Irish address but their terms and conditions say I'm liable for any Government Duty. I've seen the following on citizensinformation FAQ on Stamp Duty:

"What if my Financial Institution is located outside the country?

You are still liable for stamp duty. All cards regardless of the location of the issuer are liable if the cardholder has an address in the State.."

I assume I'm suppose to find some way myself to pay the Stamp Duty, is this correct? In practice people maybe can't or don't bother. Does anyone with accounts abroad have any experience with this?

Fred Swanson

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JTMan

The ATM / card stamp duty tax is not self assessment tax. It is an at source deduction. The responsibility therefore rests with the bank, at least that is my understanding.

Questionable if the Revenue have the power to impose a stamp duty levy on a foreign bank that is not regulated here.

Just this week the DoF said that the ATM stamp duty is a "solely a domestic taxation issue" in response to negative comments about the tax from the ECB. Seems slightly contradictory to the what is on the Revenues site.

I know a few people with non Irish bank accounts with RoI addresses and they have never had the levy applied.

Fred Swanson

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Marcusm

Fred Swanson wrote: »

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Really? Is this HSBC Jersey? The U.K. Bank would prefer to close accounts for non UK residents.

Fred Swanson

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Marcusm

Fred Swanson wrote: »

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Issued from where? I have HSBC credit cards issued from UK, Jersey and HK. I expect to change the billing address to Ireland in due course.

Fred Swanson

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Marcusm

Fred Swanson wrote: »

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That's because the UK bank has an Irish branch albeit one which does not provide personal banking services; I doubt the Jersey bank has the same process or obligation.

JTMan

Marcusm wrote: »

That's because the UK bank has an Irish branch albeit one which does not provide personal banking services; I doubt the Jersey bank has the same process or obligation.

HSBC Ireland provide clearing services and other banking services to Tesco Bank for their Irish customers.

JTMan

From the Sunday Times today ...

TOP TIP
Customers of Number26 may be able to avoid the government’s stamp duty of 12c on ATM withdrawals that takes effect from January because it is not based in Ireland.

Marcusm

JTMan wrote: »

HSBC Ireland provide clearing services and other banking services to Tesco Bank for their Irish customers.

Very possibly but that's a service provided to Tesco rather than its customers. Tesco Personal Finance Plc is a regulated bank but not full service such that it will always have to rely on clearing via a clearing bank. By contrast, M&S Bank is a wholly owned subsidiary of HSBC.

Delta2113

"may be able" - Sunday Times not willing to say 100% - only guessing like the rest of us.

We still don't know how the banks will apply the 12 cent charge.

jimmii

I have Clydesdale & Natwest accounts with Irish addresses and have not been charged on either. Surprised it hear its even a possibility!

Delta2113

Personally I think we will avoid the 12 cent charge using Revolut or Number 26 card. The administration alone would be problematic I would guess.

It's a ridiculous tax.

LostGilbert

Thanks everyone, that clears things up, I'll probably be okay with amex.

Fred Swanson wrote: »

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I currently have a Permanent TSB account with UK address. I've never paid stamp duty but now they won't give me a new ATM card so it wouldn't matter anyway. Also I'm not paying a maintenance fee, no idea why I've never asked.

Mrs OBumble

Like many foreigners who have moved here, I have cards from my home country (non EU), from when I lived there. The accounts all have home-country addresses on them

I do not see any way that the Irish government could manage to charge stamp duty on transactions with them: to an ATM, it's not possible to know if the card is being used by a person with an Irish address, or by a tourist.

Marcusm

...

long_b

Does anyone think the Government may put pressure on this bank to not issue cards to Irish address holders? Or that the bank may decide to do so unilaterally because of the difficulty with these charges?

JTMan

long_b wrote: »

Does anyone think the Government may put pressure on this bank to not issue cards to Irish address holders?

No, the government can't do that. It is beyond their remit to stop banks in other countries issuing cards to Irish residents.

Dubliniensis

LostGilbert wrote: »

So I'll be moving to Ireland soon. I was going to change my address on a Euro American Express Charge Card to the Irish one. I'm pretty sure Amex don't automatically take the Irish Government Stamp Duty off me for having a Card with an Irish address....

I have a euro Amex international currency card which is issued and serviced from the UK. My billing address is Ireland and I can confirm Amex do collect the Government Stamp Duty each year.

Delta2113

Less than 2 weeks until January 1st 2016 and nobody knows how this 12 cent charge will operate in the Republic of Ireland not to mention effect if any on number 26, revolut etc.

Joke of a country at the best of times - the DIRT (41%) is a disgrace and so is the credit card duty -rant over.

Delta2113

We probably need 2 threads - one for credit card €30 charge and another for debit card 12 cent atm cash withdrawal charge otherwise confusion will reign.

Mind you I think confusion will reign in 2016 because the attitude as we approach Jan 1 2016 (yes banks,Government) seems to be 'ah sure it will be grand'.