Credit Card Government Stamp Duty

New changes to the Government Stamp Duty 

Every year the Irish Government charges stamp duty of €30 on credit cards. Revenue have changed the charging period to align it with the calendar year.  This will mean that Government Stamp Duty on credit cards will be charged on the 31^st December 2023 in arrears.

To facilitate the change and the shorter chargeable period (2^nd April 2023 to 31^st December 2023), if you have a credit card with us, Government Stamp Duty of €22.50 will be deducted from your account on the 31^st December 2023.  If you close your card during this period (2^nd April 2023 to 31^st December 2023) you’ll be charged €22.50 on closure.

From 1^st January 2024, Government Stamp Duty for credit cards will revert back to €30 and you’ll be charged this on the 31^st December 2024 in arrears for the previous calendar year.

Prior to 2^nd April 2023, stamp duty was collected on 1^st April each year and was charged in arrears for the preceding year.

Frequently asked questions

What is the tax year for stamp duty on credit cards?

Revenue have changed the charging period to align it with the calendar year. This will mean that from 2024 the tax year for stamp duty on credit cards is from 1^st January to 31^st December.

As the change took effect from 1^st April 2023, to facilitate the shorter chargeable period (2^nd April 2023 to 31^st December 2023), a reduced Government Stamp Duty of €22.50 will be charged on the 31^st December 2023.

If your credit card account is open at any point between 2^nd April 2023 to 31^st December 2023 then Government stamp duty must be paid.

I have more than one card on my account. What will I pay?

The stamp duty charge is €30 per account, regardless of the number of card holders. If you have a second card on your account (for a family member or spouse) you will not pay additional stamp duty on this second card. Please note a reduced Government Stamp Duty of €22.50 will be charged on the 31^st December 2023 to facilitate the shorter chargeable period in 2023 (2^nd April 2023 to 31^st December 2023).

I’d like to close my account before 31^st December. Will I avoid paying stamp duty?

Stamp duty is paid each year in arrears for the preceding year. If you close your credit card account before 31^st December 2023 you will still be liable to pay the stamp duty charge of €22.50 for the current year (€30 from 2024 onwards).

If I close my account after 31^st December what stamp duty will I pay?

You’ll pay €22.50 stamp duty on 31^st December (for the previous tax year) and another €30 when closing your account (for the current tax year).

Does everyone have to pay the charge?

Government stamp duty is a tax charged by the Irish Government on all Irish resident credit card accounts. permanent tsb does not have any discretion in waiving the stamp duty charge as it is a tax that must be paid to the Irish Government.

You are not liable to pay stamp duty if your billing address is outside the State for the entire period in question. Otherwise, the charge applies to all credit cards.

Where can I find more information?

For more information on stamp duty on bank cards see the Citizens Information site