New changes to the Government Stamp Duty

Government Stamp Duty is charged annually on all Credit Cards, historically this has been a €30 charge on 01 April each year (for the previous 12 months). This date has been adjusted by Revenue to align with the calendar year and going forward will be charged annually on 31 December.

Due to the shorter time period between charges this year (02 April 2023 to 31 December 2023) the amount will be €22.50. If you close your card during this period you’ll be charged €22.50 on closure.

From 01 January 2024, the amount will return to €30 going forward.

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 01 January to 31 December.

Due to the shorter time period between charges this year (02 April 2023 to 31 December 2023) the amount will be €22.50 and will be charged on 31 December 2023.

If your credit card account is open at any point between 02 April 2023 and 31 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 due to the shorter time period between charges this year (02 April 2023 to 31 December 2023) the amount will be €22.50 and will be charged on 31 December 2023.

I’d like to close my account before 31 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 December 2023 you will still be liable to pay the stamp duty charge of €22.50 for the current year. From 01 January 2024, the amount will return to €30 going forward.

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

You’ll pay €22.50 stamp duty on 31 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. PTSB 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.