123 Cash cards.

[FA1992 s203]

(1) In this section—

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“accounting period” has the same meaning as it has for the purposes of section 27 of the Taxes Consolidation Act, 1997;

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“accounting period” has the same meaning as it has for the purposes of section 27 of the Taxes Consolidation Act 1997, but where such accounting period commences after 31 December 2004 and ends after 31 December 2005, it shall be deemed, for the purposes of this section, to be an accounting period ending on 31 December 2005;

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“bank” means one of the following, namely—

(a) a person who holds a licence granted by the Central Bank of Ireland under section 9 of the Central Bank Act, 1971, or under section 10 of the Trustee Savings Banks Act, 1989,

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(b) where there are subsisting regulations under section 4 of the ACC Bank Act, 1992, for the supervision by the Central Bank of Ireland of the ACC Bank public limited company, that bank,

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(c) where there are subsisting regulations under section 3 of the ICC Bank Act, 1992, for the supervision by the Central Bank of Ireland of the ICC Bank public limited company, that bank;

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“bank” means a person who holds a licence granted by the Central Bank of Ireland under section 9 of the Central Bank Act 1971;

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“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;

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“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;

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“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;

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“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 or to which amounts in respect of goods, services or cash obtained by a person by means of a combined card are charged;

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“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;

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“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;

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“combined card” means a cash card which also contains the functions of a debit card within the meaning assigned to it by section 123A;

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“due date”, in relation to any year, means the date of the end of the accounting period ending in that year;

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“due date”, in relation to an accounting period, means—

(a) in the case of any year prior to the year 2005, the date of the end of the accounting period ending in that year, and

(b) in the case of the year 2005, the date of the end of the accounting period or each of them, if there is more than one, ending in that year;

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“promoter” means a bank or a building society.

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(2) A promoter shall, in each year, within one month of the due date, deliver to the Commissioners a statement in writing showing the number of ^[10]>cash cards^<[10][10]>cash cards and combined cards^<[10] issued at any time by the promoter and which are valid at any time during the accounting period ending in that year.

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(2) A promoter shall, in each year, within one month of the due date, in relation to each accounting period, deliver to the Commissioners a statement in writing showing the number of cash cards and combined cards issued at any time by the promoter and which are valid at any time during the accounting period.

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(3) Notwithstanding subsection (2)—

(a) if the ^[11]>cash card^<[11][11]>cash card or combined card^<[11] is not used at any time during any accounting period referred to in subsection (2),

(b) if the ^[11]>cash card^<[11][11]>cash card or combined card^<[11] 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 ^[3]>£10^<[3][3]>€12.70^<[3] in any accounting period referred to in subsection (2), or

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(c) if the cash card is a replacement for a cash card which is already included in the relevant statement,

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(c) if the cash card is a replacement for a cash card, or a combined card is a replacement for a combined card, which is already included in the relevant statement,

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

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(4) There shall be charged on every statement delivered in pursuance of subsection (2) a stamp duty at the rate of ^[4]>£5^<[4][4]>€6.25^<[4] in respect of each card included in the number of cards shown in the statement.

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(4) There shall be charged on every statement delivered in pursuance of subsection (2) a stamp duty at the rate of €10 in respect of each cash card and €20 in respect of each combined card included in the number of cash cards and combined cards shown in the statement.

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(4) Subject to subsection (4A), there shall be charged on every statement delivered in pursuance of subsection (2)—

(a) a stamp duty at the rate of €10 or, where the statement is in respect of an accounting period deemed under this section to end on 31 December 2005, a rate calculated by multiplying one-twelfth of €10 by the number of months in the accounting period, in respect of each cash card, and

(b) a stamp duty at the rate of €20 or, where the statement is in respect of an accounting period deemed under this section to end on 31 December 2005, a rate calculated by multiplying one-twelfth of €20 by the number of months in the accounting period, in respect of each combined card,

included in the number of cash cards and combined cards shown in the statement.

(4A) Notwithstanding subsection (4)—

(a) in a case to which subsection (4)(a) applies, the rate calculated by multiplying one-twelfth of €10 by the number of months in an accounting period shall be—

(i) €2.50, where there are 3 months in the accounting period, and

(ii) €7.50, where there are 9 months in the accounting period,

and

(b) in a case to which subsection (4)(b) applies, the rate calculated by multiplying one-twelfth of €20 by the number of months in an accounting period shall be—

(i) €5, where there are 3 months in the accounting period, and

(ii) €15, where there are 9 months in the accounting period.

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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.

(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 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 of the statement, the promoter shall be liable to pay, ^[21]>by means of penalty,^<[21] in addition to the duty, ^[20]>interest on the duty at the rate of ^[6]>1 per cent per month or part of a month^{<[6] [6]>}0.0322 per cent for each day or part of a day^{<[6]<[20] [20]>}interest on the duty, calculated in accordance with section 159D,^<[20] from the date to which the statement relates (in this subsection referred to as the “due date”) to the date on which the duty is paid and also, by means of ^[22]>further penalty^<[22][22]>penalty^<[22], a sum of ^[5]>£300^<[5][5]>€380^<[5] for each day the duty remains unpaid after the expiration of one month from the due date ^[22]>and each penalty shall be recoverable in the same manner as if the penalty were part of the duty^<[22].

(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.

(9) A promoter shall be entitled to charge to the card account the amount of stamp duty payable in respect of the ^[11]>cash card^<[11][11]>cash card or combined card^<[11] 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.

(11) Where a promoter changes its accounting period and, as a result, stamp duty under this section would not be chargeable or payable in a year (in this section referred to as “the relevant year”), then the following provisions shall apply:

(a) duty shall be chargeable and payable in the relevant year as if the accounting period had not been changed,

(b) duty shall also be chargeable and payable within one month of the date of the end of the accounting period ending in the relevant year, and

(c) the duty chargeable and payable by virtue of paragraph (b) shall, subject to subsection (3), be chargeable and payable in respect of ^[10]>cash cards^<[10][10]>cash cards and combined cards^<[10] issued at any time by the promoter and which are valid at any time during the period from the due date as determined by paragraph (a) to the due date as determined by paragraph (b).

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(12) This section does not apply to any statement that falls to be delivered by a promoter in respect of a due date falling after 31 December 2005.

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