I hope this question is in the right section.
I own shares in Thomson Reuters (former employer) through Fidelity Stock Plan Services who are based in the US. Recently, I have been asked for a Foreign Tax Identification Number. I have no idea what this is. I would be most grateful if anyone could enlighten me.
Thanks,
LooseCannon101
Got a credit card? use our Credit Card & Finance Calculators
Thanks to eyeball08,Wondergirly,bofh,johnstevens77,Bhoddhisatva, for Donating to support the site
Form W-8BEN
-
- Lemon Slice
- Posts: 255
- Joined: November 5th, 2016, 2:12 pm
- Has thanked: 310 times
- Been thanked: 148 times
-
- Lemon Slice
- Posts: 578
- Joined: November 4th, 2016, 12:57 pm
- Has thanked: 134 times
- Been thanked: 299 times
Re: Form W-8BEN
LooseCannon101 wrote:Recently, I have been asked for a Foreign Tax Identification Number. I have no idea what this is. I would be most grateful if anyone could enlighten me.
Use either your NI number or your UK tax UTR. More here: https://www.oecd.org/tax/automatic-exch ... UK-TIN.pdf
It is vaguely distasteful that as a UK citizen with no connection to the US, you nevertheless have to put this information on a US tax form and then sign it under "penalties of perjury", isn't it?
-
- Lemon Half
- Posts: 6139
- Joined: November 4th, 2016, 1:12 pm
- Has thanked: 1589 times
- Been thanked: 1801 times
Re: Form W-8BEN
We’ve never included a Foreign TIN and have never been asked for one by either Barclays (as was) nor Hargreaves Lansdown. As your link confirms, we don’t have them!
-
- Lemon Slice
- Posts: 578
- Joined: November 4th, 2016, 12:57 pm
- Has thanked: 134 times
- Been thanked: 299 times
Re: Form W-8BEN
PinkDalek wrote:We’ve never included a Foreign TIN and have never been asked for one by either Barclays (as was) nor Hargreaves Lansdown.
Both of these are UK financial institutions. Fidelity Stock Plan Services is however US based, and so has to dot every 'i' and cross every 't' of the jackboot of US financial regulations.
Foreign TINs
If you are a U.S. office or branch of a depository institution, custodial institution, investment entity, or specified insurance company (each as defined in Regulations section 1.1471-5(e)) documenting an account holder (as defined in Regulations section 1.1471-5(a)(3)) of an account that is a financial account (as defined in Regulations section 1.1471-5(b)) you must obtain the account holder’s TIN for its jurisdiction of tax residence (foreign TIN) on a Form W-8 that is a beneficial owner withholding certificate in order for the form to be valid for a payment of U.S. source income reportable on Form 1042-S (as determined before the application of this requirement), unless (... blah blah blah, some exceptions that appear not to apply ...)
In this case the culprit is very likely FATCA. Specifically the US's half-hearted attempts to provide some type of lip service to their agreement to 'reciprocity' in the US/UK FATCA IGA, in the form of 1042-S reporting to HMRC.
-
- Lemon Slice
- Posts: 255
- Joined: November 5th, 2016, 2:12 pm
- Has thanked: 310 times
- Been thanked: 148 times
Re: Form W-8BEN
TedSwippet and PinkDalek - Thank you for your replies.
I will provide my National Insurance number to Fidelity Stock Plan Services.
Thanks again,
LooseCannon101
I will provide my National Insurance number to Fidelity Stock Plan Services.
Thanks again,
LooseCannon101
Return to “Investment Strategies”
Who is online
Users browsing this forum: No registered users and 35 guests