Halifax Execution only

[raysor]

I have been having a discussion on another forum regarding the purchase of US stocks (by UK residents) and the treatment of dividends (tax).
Apparently they deudct 30% US Withholding tax from dividends and will not accept a W-8BEN from their clients "as they are execution only".
Does anyone know who does their clearing and what happens to the dividends they receive into their nominees as regards taxation?

 

[foredog]

Best bet would be to contact someone like Barclays or TD and find out what they do as i think they do a lot of US stuff, then take that back to Halifax.

 

[raysor]

Best bet would be to contact someone like Barclays or TD and find out what they do as i think they do a lot of US stuff, then take that back to Halifax.

Halifax say "we on(ly) offer the US basic rate and do not offer reduced tax as we are a non qualifying intermediary"