Stamp Duties Consolidation Act 1999 section 123C

Preliminary duty: cash, combined and debit cards

Section 123C required banks and building societies to pay a preliminary instalment of card duty in advance of filing their annual return, although the section has now been repealed.

• Banks and building societies liable to card duty had to file a preliminary duty statement by 15 December each year.
• The preliminary duty was calculated as 80% of the prior year's card duty (40% for the transitional year 2007).
• Late filing or non-payment triggered daily interest plus a penalty of €380 for each day the duty remained unpaid.
• The section was repealed by Finance Act 2021 and ceased to apply to statements due after 15 December 2022.