RE: Dividend Paid Today in GBP but 15% Tax taken off27 Sep 2019 14:47
It's all that bit too complicated, but it is the job of brokers and Computerserve to handle everything correctly and advise clients accordingly. DGOC could not have been more helpful dealing with my enquiries. They pay Computerserve to handle their dividend distribution and put me in touch with the tax department there, who have completely ignored me. My broker I-web investigated their position, convinced me for a while that it was DGOC's fault, and I eventually found that was wrong.
It seems to be simply a case of the client fills in the W8BEN, sends it to their broker, the brokers combines them for all clients, fills one in for the total, forwards it, and then gets the dividends from Computerserve with 15 percent tax taken off.
BUT, a few brokers just send the W8BEN in in the clients name, and it therefore means nothing to Computerserve. BUT, they just will not communicate. It costs me around £60 a year. Not the end of the world, but the time I have put into this is much more valuable.