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Dáil Éireann debate -
Thursday, 30 Mar 2000

Vol. 517 No. 2

Written Answers. - Automated Teller Machines.

David Stanton

David Stanton

David Stanton

Question:

20 Mr. Stanton asked the Minister for Finance the number of automated teller machine cards in use; the amount of stamp duty collected with reference to these cards in each of the years from 1997; the plans, if any, he has to exempt certain people from the stamp duty; and if he will make a statement on the matter. [9191/00]

Charlie McCreevy

Minister for Finance (Mr. McCreevy)

The following are the numbers of ATM cards in issue by the financial institutions and the numbers which are taxable in each of the years from 1997.

1997

1998

1999

Number of ATM Cards in Issue

2,518,149

3,156,814

2,453,428

Number of Taxable ATM Cards

1,483,243

1,598,669

1,764,610
The difference between the number of cards in issue and the number of taxable cards arises because stamp duty is not payable in respect of: ATM cards not used during the accounting period; ATM cards relating to deposit accounts with an average daily balance not exceeding £10 during the accounting period; ATM cards issued to replace lost or stolen cards during the accounting period.
The stamp duty yield from ATM cards for the years 1997, 1998 and 1999 is £7.4 million, £7.9 million and £8.8 million respectively.
It should be noted that the above figures are not based on calendar year receipts-returns but on the accounting periods of the financial institutions concerned – as per the legislation.
The stamp duty rate per ATM card is currently £5 per card. This charge to stamp duty is levied on financial institutions which offer these cash card accounts. However, section 203(8) of the 1992 Finance Act entitles the promoters of these cash cards to charge the account holders the amount of stamp duty and the financial institutions usually do pass on this stamp duty charge to their customers.
The revenue from this source revenue permits the easement of taxes in other areas most notably income tax. I have no plans to introduce any exemptions in relation to this charge.
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