124A Preliminary duty: credit and charge cards.

(1) In this section—

“accountable person” means a bank or promoter within the meaning of section 124;

“base period”, in relation to a due date, means the 12 month period ending on 1 April immediately before the due date in respect of which a statement is required to be delivered to the Commissioners under section 124;

“chargeable period”, in relation to a due date, means the 12 month period ending on 1 April immediately after the due date commencing with the 12 month period ending on 1 April 2009 and each subsequent 12 month period in respect of which a statement is required to be delivered to the Commissioners under section 124;

“due date” means—

(a) in respect of the 12 month period ending on 1 April 2009, 15 December 2008, and

(b) in respect of each subsequent 12 month period, 15 December in the preceding year;

“preliminary duty”, in relation to a chargeable period ending immediately after a due date, means an amount determined by the formula—

A × B

where—

A is an amount equal to the stamp duty charged on a specified statement in respect of the base period ending immediately prior to the due date, and

B is 80 per cent;

“specified statement” means a statement within the meaning of subsection (1) or, as the case may be, subsection (2) of section 124.

(2) This section applies to an accountable person who is required to deliver to the Commissioners a specified statement in respect of a base period.

(3) An accountable person shall in the year 2008 and each subsequent year, not later than the due date in respect of that year, deliver to the Commissioners a statement in writing showing the stamp duty charged on the specified statement for that person in respect of the base period.

(4) Where at any time in a period commencing after the expiration of a base period and ending immediately before the due date relating to the base period—

(a) an accountable person ceased to carry on a business in the course of which the person was required to deliver a specified statement for the base period, and

(b) another person (in this subsection referred to as the “successor person”) acquires the whole, or substantially the whole, of the business,

then the successor person shall deliver a statement on the due date in accordance with subsection (3) as if the successor person was the accountable person.

(5) There shall be charged on any statement delivered in accordance with subsection (3) a stamp duty equal to the amount of the preliminary duty.

(6) The stamp duty charged by subsection (5) on a statement delivered by an accountable person pursuant to subsection (3) shall be paid by the person upon delivery of the statement.

(7) There shall be furnished to the Commissioners by an accountable person such particulars as the Commissioners may require in relation to any statement required by this section to be delivered by the person.

(8) In the case of failure by an accountable person—

(a) to deliver any statement required to be delivered by that person under subsection (3), or

(b) to pay the duty charged on any such statement,

on or before the due date in respect of the year concerned, the person shall, from the due date concerned until the day on which the stamp duty is paid, be liable to pay, by way of penalty, in addition to the stamp duty, interest on the stamp duty, calculated in accordance with section 159D and also from 15 December of the year in which the statement is to be delivered in accordance with subsection (3), by way of a ^[2]>further penalty^<[2][2]>penalty^<[2], a sum of €380 for each day the duty remains unpaid and each penalty shall be recoverable in the same manner as if the penalty were part of the duty.

(9) The delivery of any statement required by subsection (3) 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.

(10) Where—

(a) the preliminary duty charged on a statement has been paid in whole or in part by an accountable person in respect of a due date, and

(b) the duty charged on a specified statement in respect of the chargeable period ending immediately after the due date is an amount which is less than the preliminary duty charged in respect of the due date,

then the preliminary duty paid, to the extent that it exceeds the duty charged on the specified statement concerned, shall be repaid.

(11) Where at any time in a period commencing after a due date and ending before the expiration of the chargeable period ending immediately after the due date—

(a) the person (in this subsection referred to as the “predecessor person”) ceased to carry on a business in the course of which the person was required to deliver to the Commissioners a statement under this section in respect of the due date,

(b) the person delivered the statement and paid the stamp duty charged on such statement, and

(c) another person (in this subsection referred to as the “successor person”) acquires the whole, or substantially the whole, of the business,

then the successor person shall be entitled to deduct the stamp duty charged on the statement delivered by the predecessor person in respect of that due date from the duty charged on the specified statement in respect of the chargeable period ending immediately after the due date which the successor person is required to deliver in respect of the business acquired.

(12) The stamp duty and any ^[3]>penalty^<[3][3]>interest or penalty^<[3] payable under this section shall not be allowed as a deduction for the purposes of the computation of any tax or duty payable by the accountable person which is under the care and management of the Commissioners.