Credit card €30 stamp duty period changing to the calendar year

coylemj

Spotted a message similar to this in my October BoI Mastercard statement, this is from the AIB website. 'GSD' stands for Government Stamp Duty.

As part of the realignment to the calendar year, credit card accounts will be billed €22.50 in January 2024 and €30 annually from January 2025.

Government Charges

*Revenue have amended the charging period to bring it in line with the calendar year. This will mean that GSD on credit cards will be charged in January 2024 for the previous year.

To facilitate the change and a shorter chargeable period (2 April 2023 to 31 December 2023), a reduced GSD of €22.50 will be charged in January 2024. If you close your card during this period (2nd April 2023 to 31st December 2023) you’ll be charged €22.50 on closure.

From 1st January 2024, GSD for credit cards will revert back to €30 and you’ll be charged in January 2025. 

https://aib.ie/Fees-and-Charges/government-fees-and-charges

 

daheff

i received something similar from my provider.

not really any issues with it.

NUTLEY BOY

Assume I pay GSD €30 on 1 January 2025 with Bank X.

If I decide to close my account on 1 July 2025 what GSD liability would I have for the six months period to 30 June 2025 ?

coylemj

https://www.boards.ie/discussion/comment/121320688#Comment_121320688

Your bank will bill you €30 when you close the account. It's collected in arrears but if you close an account, they hit you with the full charge. If you are opening a credit card account with a different institution, you ask the old bank for a Letter of Closure whch you give to the new bank. This will be accepted as proof that you have paid the GSD for 2025 so you will not pay GSD again until January 2027.

https://www.revenue.ie/en/property/stamp-duty/other-stamp-duty/financial-cards/credit-cards-charge-cards.aspx

NUTLEY BOY

https://www.boards.ie/discussion/comment/121320771#Comment_121320771

Good to know.

Much obliged.