What is a W-8BEN form and who should complete it?
The W-8BEN form is designed to confirm your status as a non-US person and to ensure that you receive the most beneficial rate of withholding tax(1) applicable to you in respect of income earned from your investments in US assets. In addition, Tax regulations(2) now require the collection of certain information about each account holder’s tax residency and citizenship status. Please note that if you are a US citizen (even if you reside outside of the US) you should not complete this form.
Your W-8BEN form
You can access your online W-8BEN form from your investment settings menu either online or in the Barclays app.
When first accessing your form, the status will be set as ‘Not set up’. Click ‘Start form’ to get started.
Step 1 – Personal details
The first section of your W-8BEN tax form will ask you to confirm your personal details including both your nationality and country of residence.
Please make sure the information already shown on the form is accurate.
We’ll automatically add your address details from our records. If this is incorrect, you may still proceed with your W-8BEN by clicking ‘other’ as long as your new address is in the UK. Remember to update your address once you’ve completed your W-8BEN form.
Step 2 – Tax residency
In the second section, you’ll be asked a series of questions on your residence for tax purposes.
Depending on how you answer these questions, you may also be asked if you would like to claim tax treaty benefits between the US and your country of residency.
A tax treaty benefit is a term used to describe an agreement between countries where one offers a reduced rate of tax to investors overseas.
The US has income tax treaties with a number of foreign countries, offering a lower rate of tax from US withholding taxes on income they receive from sources within the US.
Generally, you can claim tax treaty benefits if the US has a tax treaty with the country in which you are resident and you meet the conditions(3) stipulated (in the treaty) for claiming the reduced withholding rate on a particular type of income.
To ensure the US withholding tax is applied at the most beneficial rate, select ‘yes’ and choose your country of residence from the drop-down menu (as long as you meet the treaty conditions).
You also have the option of selecting ‘no’ to the above question. In doing so, we’ll apply the normal tax rate of 30% to any income received from US holdings.
Please note, the above is not advice on how you should complete your W-8BEN tax form. All answers selected in this section will be entirely dependent on your own personal circumstances. If you’re unsure please seek independent advice.
Step 3 – Submit form
In the final step, we’ll ask you to carefully read and agree to a number of statements about your personal position and how you’ve completed the form so far.
Before submitting, you’ll need to tick the boxes next to each statement to confirm this applies.
Once you’re comfortable with all the information on this page, click ‘Submit form’ to complete the process.
Once successfully submitted, your W-8BEN will be automatically applied to your account.
How long will my form be valid for?
Your W-8BEN form will be valid for three calendar years from the year after completion, unless you have a change in personal circumstances. Please let us know within 30 days if this happens.
You can resubmit your form at any time.
We’ll let you know when it’s time to update your form by sending you a reminder 60 days before it is due to expire.
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Important information
Purpose of Form for US tax withholding purposes – Foreign (non-US) persons are subject to US withholding tax at a rate of 30% on income they receive from the US.
If you receive or have received US income, you must provide this form to(Return to reference)
- Establish that you are not a US person, and
- Confirm that you are the beneficial owner of the income for which the form is being provided, and
- Where applicable to claim a reduced rate of withholding tax as a resident of a foreign country with which the US has an income tax treaty (for example, United Kingdom).
The term “tax regulations” refers to regulations created to enable automatic exchange of information and include Foreign Account Tax Compliance Act (FATCA), various Agreements to Improve International Tax Compliance entered into between many countries, including the UK, the Crown Dependencies and the Overseas Territories, and the OECD Common Reporting Standard for Automatic Exchange of Financial Account Information [, as implemented in the relevant jurisdictions].(Return to reference)
One of the conditions in the treaty may be that you are already obligated to pay tax on the income being subject to US withholding in your country of residence and therefore you can claim a reduced rate of withholding. Please note that the UK has specific legislation around how people who are resident – but not domiciled – in the UK, are taxed (read more on the Remittance basis). If you claim the remittance basis, we will not be able to support a prospective claim for treaty benefits but can provide the necessary documentation you will require to seek a reclaim directly from the IRS.(Return to reference)
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