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Banking levies modernisation
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95. (1) The Principal Act is amended, in Part 9—
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(a) in section 123B—
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(i) by the substitution of the following subsection for subsection (5):
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“(5) The duty charged by subsection (4) on a statement delivered by a promoter pursuant to subsection (2) shall be paid by the promoter on delivery of the statement.”,
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and
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(ii) by the insertion of the following subsection after subsection (13):
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“(14) In this section, a reference to a card shall include a reference to a card in electronic form.”,
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and
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(b) in section 124—
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(i) in subsection (2)—
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(I) in paragraph (a)—
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(A) by the substitution of the following definition for the definition of “account”:
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“ ‘account’ means an account maintained by a promoter to which amounts in respect of goods, services or cash obtained by a person by means of a charge card or company charge card are charged;”,
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(B) by the substitution of the following definition for the definition of “letter of closure”:
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“ ‘letter of closure’, in relation to an account, means a letter, in such form as the Commissioners may specify, issued during a chargeable period by a promoter to an account holder in respect of an account which has been closed during the chargeable period confirming that the account holder has, during the chargeable period, accounted for the amount of stamp duty—
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(i) which the promoter is required to pay in respect of the account for the chargeable period, or
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(ii) which another promoter is required to pay for the chargeable period in respect of another account which has been closed during the chargeable period;”,
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and
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(C) by the deletion of the definitions of “replacement card” and “supplementary card”,
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(II) by the substitution of the following paragraph for paragraph (b):
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“(b) A promoter shall, within 3 months of the end of a chargeable period referred to in subparagraph (i) of the definition of ‘chargeable period’ in paragraph (a) and within one month of the end of a chargeable period referred to in subparagraph (ii) or (iii) of that definition, deliver to the Commissioners a statement showing in respect of accounts maintained by the promoter at any time during the chargeable period—
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(i) the number of accounts that are replacement accounts, and
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(ii) the number of accounts that are not replacement accounts.”,
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(III) in paragraph (c), by the substitution of “each account included in the number of accounts” for “each charge card, company charge card and supplementary card included in the number of cards”,
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(IV) by the substitution of the following paragraph for paragraph (d):
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“(d) Notwithstanding paragraph (c), where a promoter maintains a replacement account at any time during a chargeable period, the promoter shall be exempt from stamp duty on that replacement account.”,
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and
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(V) in paragraph (e), by the substitution of “in respect of the account” for “in respect of the charge cards to which the account relates,”,
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(ii) by the substitution of the following subsection for subsection (4):
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“(4) (a) The duty charged by subsection (1)(c) on a statement delivered by a bank pursuant to subsection (1)(b) shall be paid by the bank on delivery of the statement.
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(b) The duty charged by subsection (2)(c) on a statement delivered by a promoter pursuant to subsection (2)(b) shall be paid by the promoter on delivery of the statement.”,
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(iii) in subsection (7)—
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(I) by the deletion of “or by reference to the charge card, company charge card or supplementary card to which the account relates”, and
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(II) by the substitution of “chargeable period” for “relevant period” in each place where it occurs,
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and
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(iv) by the insertion of the following subsection after subsection (8):
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“(9) In this section, a reference to a card shall include a reference to a card in electronic form.”.
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(2) The amendments effected by subparagraphs (i) and (iii)(I) of subsection (1)(b) shall not have effect as respects any statement that is required to be delivered by a promoter (within the meaning of section 124 of the Principal Act) to the Revenue Commissioners pursuant to section 124(2)(b) of the Principal Act on or before 31 January 2025.
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