Halifax Execution only

raysor

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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?
 
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.
 
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"
 
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