Trading U.S securities

Before you buy US securities you need to complete a US Tax form and return it to us. By completing this form you may also benefit, depending on your circumstances, from a reduced rate of withholding tax on US sourced income you receive.

Options for completing and returning the required form:

Print and return by post

The form we receive from you must be completed and signed in pen, and not a copy.

Please send your completed form to:

Customer Registration Department
Bank of Scotland Share Dealing
Lovell Park Road
Leeds
LS1 1NS

E-mail

There are two ways you can e-mail the form:

  1. Complete the form and digitally sign (with date and time stamp) and e-mail an electronic copy of the form to us, or;
  2. Complete the form then print, sign, scan and email the form to us.


IMPORTANT
: We can only accept e-mailed forms from the e-mail address you have registered with us. Please e-mail your completed form to:

StockbrokingUSTaxForm@lloydsbanking.com

We will endeavour to log your form within one working day of receipt and will text you confirmation once complete.

You can view our Privacy promise here

Completing the appropriate form

It is your responsibility to ensure you complete the relevant form for your circumstances. Further forms, instructions and guidance can be found at www.irs.gov under ‘Forms & Instructions’.

A Non-US individual such as a UK resident would ordinarily complete a W-8BEN

A US Person would ordinarily complete a W-9

Why this form is required and how you may benefit

We have certain obligations to the US Tax Authority concerning customers holding US securities or receiving income from the US. We must request and receive documentation from these customers to comply with our obligation.

When you complete this form you may also benefit from a reduced Withholding Tax rate. For example you may be eligible for a reduced rate of 15% Withholding Tax on your US dividends instead of the standard rate of 30%. This means that, depending on your personal circumstances, you may be able to receive $85 (net) from a gross U.S. dividend of $100, rather than the standard $70 (net). You can’t get this benefit unless you have completed the form.

The W-8BEN form is valid for three calendar years after you sign it, unless your personal circumstances change. Please let us know within 30 days if this happens. We will contact you when your form is due to expire.

What is Withholding Tax?

When dividends, interest payments or some other types of corporate settlement are made by foreign corporations or governments, Withholding Tax will usually be deducted at the point of payment and paid to the government of the country initiating that payment. The amount of Withholding Tax deducted can differ from country to country and will affect the value of the returns expected from a foreign investment.

If you receive foreign payments from trading international securities through us, the amount of Withholding Tax you have paid will appear on your consolidated tax certificate, which can be viewed online. If you are not registered online we post this certificate to you at the end of the tax year.

Risk Warning


Please remember that the value of an investment and the income from it can go down as well as up and you may get back less than you invested.

We don't provide advice so if you are in any doubt about making your own investment decisions we recommend you seek advice from a suitably qualified financial adviser.

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