Forms descriptions - releif at source - Icelandic equities

17.12.2015

The following is a list of information regarding the various tax forms to be completed in order to benefit from relief at source of withholding tax on income from Icelandic equities. The templates of the forms are available on our Tax Forms to use section.

One-Time Certificate for Icelandic Equities Transactions

The One-Time Certificate for Icelandic Equities Transactions should be provided by all customers before starting to trade in Icelandic equities and thus before Icelandic equities are first delivered to Clearstream Banking.

How many are provided?

One per Clearstream customer.

Who completes it?

Clearstream's customer.

How often is it provided?

Once before starting to trade in Icelandic equities.

When is it provided?

Before starting to trade in Icelandic equities.

Copy or original?

Original required.

Registration Request for Transaction Sales of Icelandic Equities

Before starting to trade in Icelandic equities the customer should register their beneficial owners (or themselves, when applicable) with us by submitting the Registration Request for Transaction Sales of Icelandic Equities Transactions.

Note: An Icelandic Tax Identification Number should be used when available. Otherwise, the customer should register the beneficial owner’s local Tax Identification Number or social security number.

How many are provided?

One per each beneficial owner.

Who completes it?

Clearstream's customer.

How often is it provided?

Once per each beneficial owner.

When is it provided?

Before starting to trade in Icelandic equities.

Copy or original?

Original required.

Report of Internal Transfers of Beneficial ownership

If Icelandic equities held in the customer account were transferred from one beneficial owner to another without a settlement instruction being forwarded to us, the customer is requested to submit to Clearstream Banking, on the effective settlement date of the transfer a Report of Internal Transfers of Beneficial Ownership.

How many are provided?

One per internal transfer.

Who completes it?

Clearstream's customer.

How often is it provided?

One per internal transfer.

When is it provided?

On the effective settlement date.

Copy or original?

Original required.

Form RSK 5.42

Form RSK 5.42 must be dated and signed by the beneficial owner or its legal representative under power of attorney plus dated, signed and stamped, by the local tax authority of the beneficial owner.

To be applicable for relief at source it must furthermore be dated before the first relevant sale.

The form RSK 5.42 must in addition be sent to the RSK for approval and certification and will remain valid for five years provided that there is no change in the residence status of the beneficial owner

Guidance on how to complete the Form RSK 5.42, can be found in our publication “Completing tax forms in the Icelandic market” which is available in the Tax forms to use section.

How many are provided?

One per beneficial owner.

Who completes it?

The beneficial owner, the beneficial owner’s local tax authorities and the Icelandic Tax authorities.

How often is it provided?

Once every five years.

When is it provided?

No later than the date of the sale.

Copy or original?

Copy.

Exemption Letter

For tax exempt beneficial owners granted exempt status by the RSK an Exemption Letter from the Icelandic tax Authorities confirming the exempt status must be provided to Clearstream Banking.

Note: Eligible entities must apply for exemption by sending an application to rsk@ rsk.is or to:

Ríkisskattstjóri
Laugavegi 166
150 Reykjavík
Iceland

How many are provided?

One per beneficial owner.

Who completes it?

The Icelandic tax Authorities.

How often is it provided?

Once (or at expiry date, if applicable).

When is it provided?

No later than the date of the sale.

Copy or original?

Copy.

Certificate of residence

A certificate of residence is required for beneficial owners that are Icelandic residents.

To be applicable for relief at source it must be dated before the first relevant sale.

How many are provided?

One per beneficial owner.

Who completes it?

The Icelandic Tax Authorities.

How often is it provided?

On an annual basis.

When is it provided?

No later than the date of the sale. (For Icelandic resident beneficial owners that are direct customers of Clearstream Banking, a Certificate of Residence is only to be provided upon request).

Copy or original?

Original required.