T318 Government Stamp duty FAQs

Why have I received this letter?

Why shouldn’t I have been charged Government Stamp Duty?

There are a number of reasons why customers do not meet the criteria for Government Stamp Duty, as outlined in the relevant legislation. Examples include;

You were not living in Ireland and/or you were not a resident for the previous year.
You opened a credit card account and never activated the card, or you closed your credit card account without making any transactions using your card.
The account is in the name of a customer who passed away the previous year.
You switched credit card accounts, either within AIB or from another Bank. You should only be charged Government Stamp Duty once in any given year.
The account is in the name of a foreign diplomat.

I have more than one credit card account how do I know which one is affected?

What does my total payment include?

Your total payment includes a refund of Government Stamp Duty, any additional fees and interest connected to this, where applicable, and compensatory interest.

If your credit card account is open, we have applied your payment to your credit card account.
If your credit card account is closed and you have a suitable open current or deposit account with us, we have put your payment into that account.
If you do not have a suitable open current or deposit account with us, we have included a cheque in your letter.

In your letter we have told you how we have provided your total payment.

What is compensatory interest?

My payment was made into my account, how do I identify this?

I am currently in arrears, how will this payment to my credit card account affect my arrears?

Has my credit record been affected?

We are currently reviewing the Central Credit Register (CCR) reporting and expect that most customers are not affected. If an update is required, we will write to you separately about this within one month. If the CCR record is more than 5 years old, it is no longer available to correct, nor is it visible to any financial institution.

In October 2021 the Irish Credit Bureau (ICB) closed and as such, we can no longer correct ICB records.

What steps have you taken to make sure that this won’t happen again?

Has the Central Bank of Ireland (CBI) been told?

Who can I speak to if I have a question or want to complain?

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