Revenue delay the collection of stamp duty on credit cards.
Because of the Covid-19 crisis, Minister for Finance, Paschal Donohoe said in March that he would defer the collection of the credit card stamp duty this year.
Revenue confirmed that they will not collect the stamp duty on credit cards until 1 July 2020.
This fee is charged annually in respect of the previous year.
Generally, financial institutions collect the €30 duty from credit card accounts on 1 April each year.
Individual credit card account holders do not need to take any action. Your bank or financial institution will change the collection date automatically.
It looks like the banks are still making their usual charges on current accounts. No mention of suspending them.
I you are wondering how to reduce yout bank charges – take a look at our comparison of current account charges in Ireland
Also, to avoid thestamp duty on credit cards , you might be interested in the Bunq Travel Card. It is a prepaid card but retailers/hotels etc. payment machines class it as a credit card. The card is not liable to stamp duty and you can’t spend more than your balance. More about Bunq here.
Changing Credit Cards
If you are changing to a different credit card , you don’t have to pay the stamp duty again for that year. When you close one account your card issuer should issue a letter of closure stating that you have paid your stamp duty for the year. When you give this letter to your new card issuer, they should not charge you stamp duty again for that year.
If you close your credit card account mid-year – you will still be liable for the full €30 stamp duty.