Halifax problem (W8BEN form)

simonfitba

Hi all,

I have shares in a company list on the US stock market. Halifax hold the shares for me but they are refusing to accept a W8BEN form (the one that means I get taxed at the US-UK treaty rate of 15% on dividends instead of 30%).

I've read up on this a bit and all the info I've found says that I should send the form to the holding company (ie. Halifax) and not the IRS in the States.

I've spent hours on the phone with them and in the branch talking to people who hadn't a clue.
Eventually someone in the share dealing dept said: "Oh, we don't deal with those any more because we didn't get enough response when we used to send the forms out. You'll have to talk to a 'tax professional'."

What should I do? Except from never do any business with the Halifax again, obviously.

digerati

The W8BEN form is supposed to be sent to the UK brokerage holding your shares so they forward it to their US agents. If Halifax (UK) don't want to play ball I wouldn't worry too much as you can still make a claim on your UK tax return for a refund of the 15% withheld due to Halifax's ignorance.

You might also want to make a complaint to the Financial Services Ombudsman so Halifax puts the matter right (eventually).

simonfitba

Thanks for the info. I'm really annoyed with the attitude of Halifax over this matter.
And this isn't the first time I've had a problem with them. Even setting up an ISA and online banking involved more hassle than I've ever had with any bank.