Vol. 503 No. 6
140 Mr. Perry asked the Minister for Finance the plans, if any, he has in place to abolish Government tax of £15 on credit cards; if he will revert this charge back to the financial institutions in view of the huge profits they make; and if he will make a statement on the matter. [10670/99]
Section 17 of the Finance (No. 2) Act, 1981 imposed a charge to stamp duty on credit cards. This charge was introduced at £5, increased to £10 in 1984, and £15 in 1992. The yield from this charge was £9.9 million in 1998 and is a key source of revenue towards funding the Government's policies. The legislation permits the financial institutions to pass on the stamp duty charge to the account holder. I have no plans to abolish this duty.
