Need a hand?

Stamp Duty is a mandatory tax to be paid to the tax agency on current accounts with an average annual balance above €5,000.

The average balance includes all personal accounts and Pockets held under the same name, but only personal accounts are directly subject to the tax, while Joint accounts are treated independently.

The amount is defined by Italian law and all banks, including Revolut, are legally required to collect it from clients and pay it to the Italian tax authorities.

If you're obligated to pay Stamp Duty, the maximum amount you can be charged in a full year is €34.20.

However, if your account has been open for less than a year, the tax is calculated pro-rata, meaning you only pay the portion of €34.20 that corresponds to the number of days your account has been active.

For example, if your average balance is above €5,000 and the account has been open for 100 days, the stamp duty would be: 34.20×(100/365) = €9.37.

At Revolut, Stamp Duty is deducted from your account balance once a year, when your annual statement is issued at the end of the calendar year.

If you close your account during the year and your average balance is above €5,000, you'll need to pay Stamp Duty pro-rata, based on the number of days your account was active in that year.

Your account cannot be closed unless the Stamp Duty due has been paid. If you don't pay the Stamp Duty, it will continue to accrue until the end of the year, when it will be charged to your account.

Your Stamp Duty payment can't be cancelled or refunded, as it's a mandatory tax set by Italian law. Revolut is legally required to collect it and transfer it to the Italian tax authority.

If you want to close your account and you're required to pay Stamp Duty, this must be paid before the account can be closed.