John Cregan (Limerick West, Fianna Fail)
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Question 119: To ask the Minister for Finance the law for persons who change credit card companies; if he will confirm that only one annual charge for stamp duty should be paid in the year when the account changed; the evidence which is necessary to satisfy the original company of same; and if he will make a statement on the matter. [22088/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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The legislation in respect of the €40 stamp duty charge on credit card accounts is contained in section 124 of the Stamp Duties Consolidation Act 1999. In the Finance Act 2005, this section was amended to ensure, that where an individual switches credit card companies during a year, commencing with the year ended 1 April 2006, only one €40 stamp duty charge will arise in the year. Where an individual does switch to a different credit card company, the €40 stamp duty will be charged on closure of the "old" credit card account. Where this €40 stamp duty is paid in the year, the "old" credit card company will issue a letter of closure to the individual confirming payment of the €40. This letter of closure should then be passed on to the "new" credit card company where the receipt of same will ensure that a €40 stamp duty charge will not be levied on the "new" credit card account in the same year of charge.