Stamp Duty Consolidation Act, 1999 (Number 31 of 1999)
[1]>
123B Cash, combined and debit cards.
(1) In this section—
[18]>
[15]>
“account holder” means the person authorised to charge amounts to a card account;
<[15]
<[18]
[18]>
“account holder”, in relation to a basic payment account, means the person in whose name the account is held;
<[18]
[24]>
“bank” includes—
(a) a person who holds a licence granted under section 9 of the Central Bank Act 1971, and
(b) a credit institution (within the meaning of the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (S.I. No. 395 of 1992)) and a financial institution within that meaning;
<[24]
[19]>
[16]>
“basic payment account” means a card account that meets the following conditions—
(a) in the 3 years immediately preceding the opening of the card account, the account holder—
(i) did not have access to a card account, or
(ii) did have access to a card account (in this subparagraph referred to as the ‘old account’) but no amounts were charged to the old account in that period, the old account was closed at the time the card account was opened and any balance of funds was transferred to the card account,
(b) all amounts payable to the account holder under the Social Welfare Acts are paid into the card account, and
(c) in respect of 2 consecutive periods of 3 months ending on 31 March, 30 June, 30 September or 31 December, all amounts paid into the card account, other than those referred to in paragraph (b), do not exceed €2,000 in a period of 3 months;
<[16]
<[19]
[19]>
“basic payment account” means a card account—
(a) which is issued only to an account holder who in the period of financial exclusion—
(i) did not hold a card account, or
(ii) held a card account but no account holder-initiated transactions occurred on that account in the period of financial exclusion,
(b) where, in respect of every 2 consecutive quarters, all amounts paid into the card account, other than amounts paid to the account holder by electronic funds transfer under the Social Welfare Acts, do not exceed €4,500 (in this section referred to as the “threshold amount”) in each quarter, and
(c) which is a standard bank account with [27]>one of the following banks<[27][27]>one of the following<[27]:
(i) Allied Irish Banks plc;
(ii) the Governor and Company of the Bank of Ireland;
(iii) Permanent TSB plc;
<[19]
[24]>
“building society” means a building society which 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;
<[24]
[43]>
“Capital Requirements Regulation” means Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 20131 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012, as amended by—
(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 20142 amending Regulation (EU) No. 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,
(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 20163 amending Regulation (EU) No. 575/2013 as regards exemptions for commodity dealers,
(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 20174 amending Regulation (EU) No. 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds,
(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 20175 amending Regulation (EU) No. 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State,
(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 20176 amending Regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms,
(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 20177 correcting certain language versions of Regulation (EU) No. 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012,
(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 20198 amending Regulation (EU) No. 575/2013 as regards minimum loss coverage for non-performing exposures,
(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 20199 amending Regulation (EU) No. 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No. 648/2012,
(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 201910 on the prudential requirements of investment firms and amending Regulations (EU) No. 1093/2010, (EU) No. 575/2013, (EU) No. 600/2014 and (EU) No. 806/2014, and
(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 202011 amending Regulations (EU) No. 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;
<[43]
[26]>
“card account” means an account maintained by a promoter to which—
(a) amounts of cash obtained by a person by means of a cash card are charged,
(b) amounts in respect of goods, services or cash obtained by a person by means of a combined card are charged, or
(c) amounts in respect of goods, services or cash obtained by a person by means of a debit card are charged;
<[26]
[26]>
“card account” means an account maintained by a promoter to which—
(a) amounts of cash obtained by a person by means of a cash card are charged, or
(b) amounts in respect of goods, services or cash obtained by a person by means of a combined card or debit card are charged;
<[26]
[25]>
“cash transaction” means a transaction by means of which a person obtains cash from an automated teller machine situated in the State by means of a cash card or a combined card;
<[25]
“cash card” means a card, not being a combined card, issued by a promoter to a person having an address in the State, by means of which cash may be obtained by the person from an automated teller machine;
[5]>
“chargeable period” means the year 2008 and each subsequent year;
<[5]
[25]>
[41]>
“credit institution” has the same meaning as it has in the European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014);
<[41]
[41]>
“credit institution” means an undertaking which satisfies point (a) of the definition of ‘credit institution’ in Article 4(1) of the Capital Requirements Regulation;
<[41]
“credit union” has the same meaning as it has in the Credit Union Acts 1997 to 2012;
<[25]
[2]>
“combined card” means a cash card which also contains the functions of a debit card;
<[2]
[2]>
“combined card” means a card, issued by a promoter to a person having an address in the State, which contains 2 functions being the function of a cash card and the function of a debit card;
<[2]
“debit card” means a card, not being a combined card, issued by a promoter to a person having an address in the State, by means of which goods, services or cash may be obtained by the person and amounts in respect of the goods, services or cash may be charged to the card account;
[35]>
“electronic means” has the same meaning as it has in section 917EA of the Taxes Consolidation Act 1997;
<[35]
[42]>
[25]>
“financial institution” has the same meaning as it has in the European Union (Capital Requirements) Regulations 2014;
<[25]
<[42]
[42]>
“financial institution” has the same meaning as it has in the Capital Requirements Regulation;
<[42]
“promoter” [28]>means a bank or a building society<[28][28]>means a credit institution or a financial institution other than a credit union or An Post and any of its subsidiaries<[28].
[20]>
“period of financial exclusion” means the period of 3 years immediately preceding the date of an application to open a basic payment account;
“quarter” means a period of 3 consecutive months or any commensurate period by reference to which a promoter in the course of its business calculates all amounts paid [29]>into a card account;<[29][29]>into a card account.<[29]
<[20]
[21]>
(1B) Where the promoter has served notice of the termination of the basic payment account, the account shall not cease to be a basic payment account until the expiry of 2 months from the date of service of the notice.
<[21]
[3]>
(2) A promoter shall, within one month of the end of each year, commencing with the year 2006, deliver to the Commissioners a statement in writing showing the number of cash cards, combined cards and debit cards issued at any time by the promoter and which are valid on 31 December in that year.
<[3]
[30]>
[3]>
(2) A promoter shall, within one month of the end of each year, commencing with the year 2006, deliver to the Commissioners a statement in writing showing the number of cash cards, combined cards and debit cards issued at any time by the promoter and which are valid on 31 December in that year, distinguishing in the case of combined cards the number of such cards both of whose functions were used during the year and the number of such cards only one of whose functions was used during the year.
<[3]
<[30]
[30]>
(2) A promoter shall, within one month of the end of each year, commencing with the year 2016, deliver to the Commissioners a statement [36]>in writing <[36]showing—
(a) the number of cash cards and combined cards issued at any time by the promoter that are valid on 31 December in the year,
(b) the number of cash transactions completed in the year using a card valid on 31 December in the year in respect of each type of card,
(c) the number of cash cards to which the monetary cap referred to in subsection (4) has been applied,
(d) the number of combined cards, both functions of which were used in the year, to which the monetary cap referred to in subsection (4) has been applied, and
(e) the number of combined cards, only the cash card function of which was used in the year, to which the monetary cap referred to in subsection (4) has been applied.
<[30]
[31]>
(2A) For the purposes of subsection (2), a cash card or a combined card shall be valid on 31 December of a particular year where—
(a) the card has not expired or been cancelled before that date, and
(b) on that date, the address of the person to whom the card was issued is in the State.
(2B) A promoter shall, within one month of the end of each year, commencing with the year 2016, deliver to the Commissioners a statement [37]>in writing <[37]showing the number of each type of card to which the monetary cap referred to in subsection (4) has not been applied, together with the number of cash transactions in the year in respect of those cards.
(2C) Where a cash card or combined card issued by a promoter in respect of a card account and valid on 31 December in a particular year (in this subsection referred to as the ‘final card’) has been issued following the cancellation or expiry in that year of another card of the same type issued by the promoter in respect of the card account (in this subsection referred to as a ‘previous card’), each such previous card shall be taken to be the final card for the purposes of this section.
<[31]
[17]>
(3) Notwithstanding subsection (2)—
(a) if the cash card, combined card or debit card is not used at any time during a year, or
(b) if the cash card, combined card or debit card is issued in respect of a card account—
(i) which is a deposit account, and
(ii) the average of the daily positive balances in the account does not exceed €12.70 during that year,
then it shall not be included in the statement relating to that year.
<[17]
[32]>
[17]>
(3) Notwithstanding subsection (2)—
(a) if the cash card, combined card or debit card is not used at any time during a year,
(b) if the cash card, combined card or debit card is issued in respect of a card account—
(i) which is a deposit account, and
(ii) the average of the daily positive balances in the account does not exceed €12.70 during that year,
or
(c) [22]>in relation to the year 2012,<[22] if the cash card, combined card or debit card is issued in respect of a basic payment account,
then it shall not be included in the statement relating to that year.
<[17]
<[32]
[32]>
(3) Notwithstanding subsection (2)—
(a) if the cash card or combined card is not used at any time during a year,
(b) if the cash card or combined card is issued in respect of a card account—
(i) which is a deposit account, and
(ii) the average of the daily positive balances in the account does not exceed €12.70 during that year,
or
(c) if the cash card or combined card is issued in respect of a basic payment account,
then it shall not be included in the statement relating to that year.
<[32]
[4]>
(4) There shall be charged on every statement delivered in pursuance of subsection (2) a stamp duty—
(a) at the rate of €10 in respect of each cash card and each debit card, and
(b) at the rate of €20 in respect of each combined card,
included in the number of cards shown in the statement.
<[4]
[33]>
[4]>
(4) Stamp duty shall be charged on every statement delivered in pursuance of subsection (2)—
(a)at the rate of [9]>[9]>€2.50<[9], in the case of each cash card and each debit card,[6]>€10<[6][6]>€5<[6]<[9]
(b)at the rate of [10]>[10]>€2.50<[10], in the case of each combined card only one of whose functions was used during the year, and[6]>€10<[6][6]>€5<[6]<[10]
(c)at the rate of [11]>[11]>€5<[11], in the case of each combined card both of whose functions were used during the year,[7]>€20<[7][7]>€10<[7]<[11]
included in the number of cards shown in the statement.
<[4]
<[33]
[33]>
(4) Stamp duty shall be charged on every statement delivered in pursuance of subsection (2) at the rate of €0.12 for each cash transaction included in the statement, but the amount charged in respect of—
(a) any individual combined card, both functions of which were used in the year, shall not exceed €5,
(b) any individual combined card, only the cash card function of which was used in the year, shall not exceed €2.50, and
(c) any individual cash card, shall not exceed €2.50.
<[33]
(5) The duty charged by subsection (4) on a statement delivered by a promoter pursuant to subsection (2)[8]>, less any preliminary duty charged on a statement required to be delivered in accordance with section 123C in respect of the same chargeable period,<[8] shall be paid by the promoter on delivery of the statement.
(6) 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.
(7) In the case of failure by a promoter to pay any duty required to be paid in accordance with this section, the promoter shall be liable to pay, [12]>by means of a penalty<[12], in addition to the duty, interest on that duty, calculated in accordance with section 159D, for the period commencing on the date the duty was so required to be paid and ending on the date the duty was paid[39]> and also, by means of a [13]>further penalty<[13][13]>penalty<[13], a sum of €380 for each day in that period <[39][14]>and each penalty shall be recoverable in the same manner as if the penalty were part of the duty<[14].
[40]>
(8) 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.
<[40]
(9) A promoter shall be entitled to charge to the card account the amount of stamp duty payable in respect [34]>of a cash card, combined card or debit card<[34][34]>of a cash card or combined card<[34] by virtue of this section and may apply the terms and conditions governing that account to interest on that amount.
(10) An account, charge card, company charge card or supplementary card within the meaning, in each case, assigned to it by section 124 and which attracts the payment of the stamp duty payable by virtue of that section shall not attract the payment of the stamp duty payable by virtue of this section.
[23]>
(11) The Minister, following a review of this section, for the purposes of ensuring that the conditions governing the opening of a basic payment account are such that the section achieves its intended purpose may by order vary—
(a) the duration of the period of financial exclusion, and
(b) the threshold amount, subject to a maximum variation of 20 per cent.
(12) Every order made by the Minister under subsection (11) shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the order is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done under the order.
<[23]
[38]>
(13) Any statement required to be delivered to the Commissioners pursuant to subsection (2) or (2B), as the case may be, shall be delivered by electronic means and the relevant provisions of Chapter 6 of Part 38 of the Taxes Consolidation Act 1997 shall apply.
<[38]
<[1]
Footnotes
1 OJ No. L. 176, 27.06.2013. p. 1.
2 OJ No. L. 11, 17.1.2015, p. 37.
3 OJ No. L. 171, 29.6.2016, p. 153.
4 OJ No. L. 310, 25.11.2017, p. 1.
5 OJ No. L. 345, 27.12.2017, p. 27.
6 OJ No. L. 347, 28.12.2017, p. 1.
7 OJ No. L. 74, 16.3.2018, p. 3.
8 OJ No. L. 111, 25.4.2019, p. 4.
9 OJ No. L. 150, 7.6.2019, p. 1.
10 OJ No. L. 314, 5.12.2019, p. 1.
11 OJ No. L. 204, 26.6.2020, p. 4.
[2]
Substituted by FA06 s111(1)(a). This section shall have effect as respects any statement which falls to be delivered by a promoter after 31 December 2006.
[3]
Substituted by FA06 s111(1)(b). This section shall have effect as respects any statement which falls to be delivered by a promoter after 31 December 2006.
[4]
Substituted by FA06 s111(1)(c). This section shall have effect as respects any statement which falls to be delivered by a promoter after 31 December 2006.
[5]
Inserted by FA08 s123(1)(a)(i). Has effect as respects any statement that falls to be delivered by a bank or building society after 31 December 2008.
[6]
Substituted by FA08 s123(1)(a)(ii)(I). Has effect as respects any statement that falls to be delivered by a bank or building society after 31 December 2007.
[7]
Substituted by FA08 s123(1)(a)(ii)(II). Has effect as respects any statement that falls to be delivered by a bank or building society after 31 December 2007.
[8]
Inserted by FA08 s123(1)(a)(iii). Has effect as respects any statement that falls to be delivered by a bank or building society after 31 December 2008.
[9]
Substituted by F(No.2)A08 s86(1)(a)(i). Has effect as respects any statement that falls to be delivered by a bank or building society after 31 December 2008.
[10]
Substituted by F(No.2)A08 s86(1)(a)(i). Has effect as respects any statement that falls to be delivered by a bank or building society after 31 December 2008.
[11]
Substituted by F(No.2)A08 s86(1)(a)(ii). Has effect as respects any statement that falls to be delivered by a bank or building society after 31 December 2008.
[12]
Deleted by F(No.2)A08 sched5(part5)(chap2)(7)(s)(i). Note F(No.2)A08 sched5 (part5)(chap 2)(7). As respects paragraph 7 of this Schedule subparagraphs (a) to (aa) (other than subparagraph (c)(i)(I)) of that paragraph have effect as on and from the passing of this Act and to the extent that Chapter 3A (being inserted into Part 47 of the Taxes Consolidation Act 1997 by Part 1 of this Schedule) applies to penalties incurred under the Stamp Duties Consolidation Act 1999 before the passing of this Act which on the passing of this Act have not been paid, it shall not apply to such penalties which are in the form of interest accrued under any provisions of the said Act.
[13]
Substituted by F(No.2)A08 sched5(part5)(chap2)(7)(s)(ii). Note F(No.2)A08 sched5 (part5)(chap 2)(7). As respects paragraph 7 of this Schedule subparagraphs (a) to (aa) (other than subparagraph (c)(i)(I)) of that paragraph have effect as on and from the passing of this Act and to the extent that Chapter 3A (being inserted into Part 47 of the Taxes Consolidation Act 1997 by Part 1 of this Schedule) applies to penalties incurred under the Stamp Duties Consolidation Act 1999 before the passing of this Act which on the passing of this Act have not been paid, it shall not apply to such penalties which are in the form of interest accrued under any provisions of the said Act.
[14]
Deleted by F(No.2)A08 sched4(part1). Applies as respects any tax that becomes due and payable on or after 1 March 2009.
[24]
Deleted by FA15 s64(1)(a)(i). Note: The amendments made by FA15 s64 do not apply in respect of the year 2015.
[25]
Inserted by FA15 s64(1)(a)(ii). Note: The amendments made by FA15 s64 do not apply in respect of the year 2015.
[26]
Substituted by FA15 s64(1)(a)(iii). Note: The amendments made by FA15 s64 do not apply in respect of the year 2015.
[27]
Substituted by FA15 s64(1)(a)(iv). Note: The amendments made by FA15 s64 do not apply in respect of the year 2015.
[28]
Substituted by FA15 s64(1)(a)(v). Note: The amendments made by FA15 s64 do not apply in respect of the year 2015.
[29]
Substituted by FA15 s64(1)(a)(vi). Note: The amendments made by FA15 s64 do not apply in respect of the year 2015.
[30]
Substituted by FA15 s64(1)(b). Note: The amendments made by FA15 s64 do not apply in respect of the year 2015.
[31]
Inserted by FA15 s64(1)(c). Note: The amendments made by FA15 s64 do not apply in respect of the year 2015.
[32]
Substituted by FA15 s64(1)(d). Note: The amendments made by FA15 s64 do not apply in respect of the year 2015.
[33]
Substituted by FA15 s64(1)(e). Note: The amendments made by FA15 s64 do not apply in respect of the year 2015.
[34]
Substituted by FA15 s64(1)(f). Note: The amendments made by FA15 s64 do not apply in respect of the year 2015.
[35]
Inserted by FA21 s61(1)(a)(i). Comes into operation on 1 April 2022 (S.I. No. 133/2022) and shall not apply in respect of a statement required to be delivered to the Revenue Commissioners pursuant to subsection (2) or (2B) of section 128B not later than 31 January 2023. (FA22 s70(1)(a)&(b)).
[36]
Deleted by FA21 s61(1)(a)(ii). Comes into operation on 1 April 2022 (S.I. No. 133/2022) and shall not apply in respect of a statement required to be delivered to the Revenue Commissioners pursuant to subsection (2) or (2B) of section 128B not later than 31 January 2023. (FA22 s70(1)(a)&(b)).
[37]
Deleted by FA21 s61(1)(a)(iii). Comes into operation on 1 April 2022 (S.I. No. 133/2022) and shall not apply in respect of a statement required to be delivered to the Revenue Commissioners pursuant to subsection (2) or (2B) of section 128B not later than 31 January 2023. (FA22 s70(1)(a)&(b)).
[38]
Inserted by FA21 s61(1)(a)(iii). Comes into operation on 1 April 2022 (S.I. No. 133/2022) and shall not apply in respect of a statement required to be delivered to the Revenue Commissioners pursuant to subsection (2) or (2B) of section 128B not later than 31 January 2023. (FA22 s70(1)(a)&(b)).