W8-BEN forms with XO broker in UK

[floatUpstream]

Living in UK and intending to buy and hold US stocks, probably through iWeb. I previously had an account with another broker who handled the W8-BEN side of things for me, but iWeb say they don't get involved in tax issues as they are an XO

I can fill in the form, but then what am I supposed to do with it? What happens if I don't bother, will I just in effect pay more tax on any dividends? Thanks for your help

 

[malaguti]

Living in UK and intending to buy and hold US stocks, probably through iWeb. I previously had an account with another broker who handled the W8-BEN side of things for me, but iWeb say they don't get involved in tax issues as they are an XO

I can fill in the form, but then what am I supposed to do with it? What happens if I don't bother, will I just in effect pay more tax on any dividends? Thanks for your help

You're supposed to fill it in, only to confirm you are non-us resident. If you don't then they could to all intents, withold the tax you might have paid, were you a US citizen on any dividends that are paid. However, I would confirm with iweb what amount they will pay you on those dividends. if they dont withold, you should be ok

 

[floatUpstream]

Cool, thanks malaguti - it's good to know that it concerns tax on div only. I know of at least a couple of UK brokers where it's a prerequisite to do it first ... so I was a bit paranoid that it was a legal thing as well. I guess I'll send it directly to the IRS, and then they presumably will match it using my Address.
Fun & games

 

[Liquid validity]

??
You normally send a W-8BEN to the withholding agent (i.e. the broker).
I'd ring back and double check on that, search their site as well.