Finance Act, 1992

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Stamp duty in respect of cash cards.

203.—(1) In this section—

“accounting period” has the same meaning as it has for the purposes of section 9 of the Corporation Tax Act, 1976 ;

“bank” means a person who, on the 15th day of June in any year (being the year 1992 or a subsequent year), holds a licence granted under section 9 of the Central Bank Act, 1971 ;

“building society” means a building society which, on the 15th day of June in any year (being the year 1992 or a subsequent year), stands incorporated, or deemed by section 124 (2) of the Building Societies Act, 1989 , to be incorporated, under that Act and includes a company registered under section 106 of that Act;

“card account” means an account maintained by a promoter to which amounts of cash obtained by a person by means of a cash card are charged;

“cash card” means a card issued by a promoter to a person having an address in the State by means of which cash may be obtained, in the State by the person from an automated teller machine;

“date of publication” means the date of publication of the Finance Bill, 1992;

“due date” means—

(a) in the case of the year 1992, the 1st day of September, or the date of the end of the accounting period ending in 1992, whichever is the later, and

(b) in the case of the year 1993 and each subsequent year, thedate of the end of the accounting period ending in that year;

“promoter” means a bank or a building society.

(2) A promoter shall, within one month of the due date, deliver to the Commissioners a statement in writing showing the number of cash cards issued at any time by the promoter and which are valid—

(a) in the case of the year 1992, at any time during the period from the date of publication to the due date, and

(b) in the case of the year 1993, at any time during the period from—

(i) the 1st day of September, 1992, or

(ii) the date of the end of the accounting period ending in the year 1992, if it falls after the 1st day of September, 1992

to the due date, and

(c) in the case of the year 1994 and each subsequent year, at any time during the accounting period ending in that year:

Provided that—

(I) if the cash card is not used at any time during any of the periods referred to in paragraph (a), (b) or (c), or

(II) if the cash card is issued in respect of a card account—

(A) which is a deposit account, and

(B) the average of the daily positive balances in the account does not exceed £10 in any of the periods referred to in paragraph (a), (b) or (c),

then it shall not be included in the statement relating to such period.

(3) There shall be charged on every statement delivered in pursuance of subsection (2) a stamp duty at the rate of £2 in respect of each card included in the number of cards shown in the statement.

(4) The duty charged by subsection (3) upon a statement delivered by a promoter pursuant to subsection (2) shall be paid by the promoter upon delivery of the statement.

(5) There shall be furnished to the Commissioners by a promoter such particulars as the Commissioners may deem necessary in relation to any statement required by this section to be delivered by the promoter.

(6) In the case of failure by a promoter to deliver any statement required by subsection (2) within the time provided for in that subsection or of failure to pay the duty chargeable on any such statement on the delivery thereof, the promoter shall be liable to pay, by way of penalty, in addition to the duty, interest thereon at the rate of 1.25 per cent. per month or part of a month from the date to which the statement relates (hereinafter referred to as the due date) to the date on which the duty is paid and also, by way of further penalty, a sum of £300 for each day the duty remains unpaid after the expiration of one month from the due date and each penalty shall be recoverable in the same manner as if the penalty were part of the duty.

(7) The delivery of any statement required by subsection (2) may be enforced by the Commissioners under section 47 of the Succession Duty Act, 1853 , in all respects as if such statement were such account as is mentioned in that section and the failure to deliver such statement were such default as is mentioned in that section.

(8) A promoter shall be entitled to charge to the card account the amount of stamp duty payable in respect of the cash card by virtue of this section and may apply the terms and conditions governing that account to interest on that amount.

(9) An account, charge card, company charge card or supplementary card within the meaning, in each case, assigned to it by section 17 of the Finance (No. 2) Act, 1981 , and which attracts the payment of the stamp duty payable by virtue of the provisions of that section shall not attract the payment of the stamp duty payable by virtue of the provisions of this section.