Michael Ring (Mayo, Fine Gael)
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Question 344: To ask the Minister for Finance his views on whether it is fair to persons who have paid their €40 annual stamp duty charge on their credit card that they are then charged €40 again on cancelling the card within the same 12-month period; if he will review this charge; and if he will make a statement on the matter. [35535/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
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A person who holds a credit card account with a credit card provider pays stamp duty on that credit card account once for each 12-month period ending on 1 April each year. Where a person cancels a credit card account within a 12-month period he or she pays the charge at the time of cancellation. This means that, in respect of any credit card account, an individual will only pay once for the year ending on the following 1 April. Section 128 of the Finance Act 2005 contained measures to eliminate a double stamp duty charge for the same year on the switching of financial cards. This measure relating to credit cards came into effect in April of this year. As the Deputy will appreciate, it is not the practice to comment in the lead up to the annual budget and Finance Bill on the intention or otherwise to make changes in taxation.