The rates of stamp duty on cheques, debit cards with ATM function, ATM cards and credit cards each year since 2002 is as follows:
Cheques: Cheques drawn on or after 5 December 2002 – 15c; Cheques drawn prior to 4 December 2002 – 8c.
Debit Cards with ATM functions: 2002 — €10; 2003 onwards — €20.
However, I introduced changes in this year's Finance Act to alter the way that stamp duty is charged on these cards. The stamp duty is reduced to €10 per annum where the card is only used for one function (either ATM transactions or debit transactions) throughout the year.
ATM Cards: 2002 — €6.25; 2003 onwards — €10.
Credit Cards: 2002 — €19; 2003 onwards — €40.
However a relieving provision was introduced in the 2005 Finance Act to limit the duty to a single charge where an account holder moved account during the year.
The yield to the Exchequer for each year is:
Year
|
Credit/charge cards
|
ATM/debit cards
|
|
€m
|
€m
|
2002
|
22.9
|
14.04
|
2003
|
51.7
|
32.64
|
2004
|
59.0
|
35.25
|
2005
|
63.8
|
37.9
|
All stamp duties, including the stamp duties on financial cards and bank transactions, are reviewed in the context of the annual Budget and Finance Bill.