Requesting Clearstream Banking credit advices on income distributions - Update
Note: This announcement, originally published on 28 September 2022, has been updated to provide a revised effective date. Changes have been highlighted.
Further to Announcement A13128, Clearstream Banking1 informs customers that, effective
21 November 2022
credit advice requests made via email shall be taken care of, on the condition that requesting customers provide a specified new template (see “CA requests template” attached below). Furthermore, a request may only mention one account, and where several accounts are at stake, the customer should provide a request for each account as necessary.
For the convenience of customers and to ease the documentation process for tax reclaims, customers will be able to request credit advices ad hoc and in connection with income paid by Clearstream Banking in the following ways:
- Via a dedicated email address, to apply for a credit advice at any time;
- Via a checkbox added in the “Letter of Request to Clearstream Banking for Reclaim of <national> Withholding Tax” form (see the attached template2), to apply for a credit advice in the context of a withholding tax reclaim application.
Requesting a credit advice via email
To obtain a credit advice at any time, the customer can submit a request (in English) to Clearstream Banking at the appropriate dedicated email address:
CBL and/or CBF customers: email@example.com
The email must include the “CA requests template” form, duly completed to display the relevant mandatory information and each such request shall pertain to one single account only. Clearstream Banking will reject any request made in breach of any the above requirements (that is, (i) use of the specified form and (ii) reference to one single account in each form so provided).
If no tax rate is mentioned in the credit advice request, Clearstream Banking will, by default, issue one credit advice per tax rate applied to the income payment for the account. For example, if a customer has benefited from a relief at source on 1,000 shares taxed at the reduced rate and 2,000 shares taxed at the default rate, then two credit advices will be issued and the customers will be charged for the two credit advices accordingly.
Upon receipt and after verification of the submitted details, Clearstream Banking will issue the credit advice(s) and deliver the original signed credit advice(s) by registered mail to the customer.
Requesting a credit advice via the “Letter of Request” form
To obtain the relevant credit advice in the context of a withholding tax reclaim application, the customer can tick the appropriate box on the market-specific “Letter of Request to Clearstream Banking for Reclaim of <national> Withholding Tax” form and submit the completed form, along with the other required documentation, to Clearstream Banking at the following address:
Clearstream Operations Prague s.r.o.
Attn: PTR - Tax Services
Futurama Business Park Building B
CZ-18600 Prague 8
Note: Clearstream Banking will, in such cases, issue only one credit advice, reflecting the entire holding on the account and the tax withheld at the maximum rate for the requested income payment for which a refund is requested and the customer will be charged accordingly.
Upon receipt and after verification of the submitted details, Clearstream Banking will issue the credit advice and attach such original and signed credit advice to the reclaim request received by the customer, which will be forwarded by registered mail to the relevant tax authorities.
The delivery of a credit advice may take up to 30 business days from the date on which such valid request is received by Clearstream Banking.
Clearstream Banking will accept no responsibility for any incompleteness or inaccuracy in the customer request that will delay its treatment and the delivery of the credit advice within the period of 30 business days.
It is the customer's responsibility to provide a valid and complete request in a timely manner in order to enable Clearstream Banking to process such request and deliver the credit advice in the timeline defined above.
Clearstream Banking does not guarantee that the relevant competent authorities will grant entitlement to a customer’s tax reclaim.
Credit advice fees are charged by Clearstream Banking according to the stipulations of the appropriate Clearstream Banking Fee Schedule.
For further information, customers may contact Clearstream Banking Customer Service.
1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.
2. The attached template is provided for illustration purposes only and is not for use in a tax reclaim application.