Form descriptions - Standard refund - Irish equities

25.07.2019

Form descriptions – Overview

The use of the following forms is explained in relation to Irish tax procedures:

 Exemption from DWT for a qualifying Non-Resident;

 Claim from or on behalf of Certain Non-resident Persons for Refund of DWT;

 Request for Adjustment of Stamp Duty;

 Credit Advice;

 Power of Attorney;

 Letter of Request to Clearstream Banking for Reclaim of Irish Withholding Tax.

Exemption from DWT for a Qualifying Non-Resident

This Exemption Declaration can be completed by or on behalf of qualifying non-resident beneficial owners who are neither resident nor ordinarily resident in Ireland, as follows:

  • For individuals: Non-Resident Form V2A, declaring that:
    • They are neither resident nor ordinarily resident in Ireland;
    • They are beneficially entitled to the relevant distributions;
    • They are a qualifying non-resident person for the purposes of Chapter 8A of Part 6 of the Taxes Consolidation Act, 1997;
    • Their tax authorities have completed Section 2 (Certificate of Residence) or, where it is not practical for the tax authorities to use the Certificate of Residence in Section 2, a letter from the tax authorities to the same effect, with a translation in English if applicable; and
    • They will notify the relevant payor in writing if they cease to be a qualifying non-resident person.
  • For companies: Non-Resident Form V2B, declaring that:
    • They are neither resident nor ordinarily resident in Ireland;
    • They are beneficially entitled to the relevant distributions;
    • They are a qualifying non-resident company for the purposes of Chapter 8A of Part 6 of the Tax Consolidation Act, 1997; and
  • For bodies of persons (not being company): Non-Resident Form V2C, declaring that:
    • They are neither resident nor ordinarily resident in Ireland;
    • They are beneficially entitled to the relevant distributions;
    • They are a qualifying non-resident body of persons in the meaning of Chapter 8A of Part 6 of the Taxes Consolidation Act 1997;
    • Their tax authorities have completed Section 2 (Certificate of Residence);
    • They will notify the relevant payor in writing if they cease to be a qualifying non-resident person; and
    • In the case of a discretionary trust, they have attached a completed Section 3 in which the trustee declares that it is a discretionary trust and confirms that a list of the names and addresses of the settlers and beneficiaries of the trust is attached to the declaration.

They will notify the relevant payor in writing if they cease to be a qualifying non-resident company.

The tax authorities of the country in which the beneficial owner is resident for tax purposes must complete Section 2 of the respective form.

Beneficial owners that are residents of the U.S.A. must file the IRS Form 6166 as a substitute for the Certificate of Residence section of the Exemption Declaration form. The IRS Form 6166 is valid for the period from the date of issue until 31 December in the fifth year following the year in which the certificate was issued.

The Exemption Declaration must be sent for only the first respective reclaim application and is valid for the period from the date of issue until 31 December in the fifth year following the year in which the certificate was issued. Clearstream Banking customers who have filed the Exemption Declaration for a specific beneficial owner once do not need to file another Exemption Declaration for that beneficial owner with the subsequent reclaim applications, unless the five-year validity period has expired.

All Exemption Declarations V2A, V2B and V2C can be obtained from the Irish Revenue Commissioners:

DWT Section, Office of the Revenue Commissioners,
Government Offices,
Nenagh, County Tipperary, Ireland

Tel:  +353 6733533
Fax: +353 6732916
Email: intclaims@revenue.ie

Web site: www.revenue.ie (Search on "Non-Resident Form")

Who completes it?

Beneficial owner or its legal representative

How often is it provided?

Once every five years. Valid from the date of issue until 31 December in the fifth year following the year in which the certificate was issued.

When is it provided?

At the latest, two months before the statutory deadline.

Copy or original?

Original required.

Claim from or on behalf of Certain Non-resident Persons for Refund of DWT (Dividend Withholding Tax Refund Claim Form)

A form declaring that the beneficial owner:

  • Is neither resident nor ordinarily resident in Ireland;
  • Is beneficially entitled to the relevant distributions in respect of which the refund is claimed.

The form may combine several dividend payments in respect of which the same beneficial owner claims a refund.

The claim from can be obtained from the Irish Revenue Commissioners:

DWT Section, Office of the Revenue Commissioners,
Government Offices,
Nenagh, County Tipperary, Ireland

Tel:  +353 6733533
Fax: +353 6732916
Email: intclaims@revenue.ie

Web site: www.revenue.ie (Search on "Non-Resident Form")

Specific for beneficial owners that are qualifying non-residents entitled to full refund under Irish domestic law:

The beneficial owner selects one of the following options:

  1. A completed Exemption Declaration is attached; or
  2. A completed Exemption Declaration has already been submitted and is still valid.

The form includes a Certificate of Residence to be completed by the tax authorities of the country of the beneficial owner. This section of the form is, however, not required when the Certificate of Residence is already part of the filed Exemption Declaration.

Where it is not practical for the tax authorities to use the Certificate of Residence provided in the form, a letter from the tax authorities, stating that the beneficial owner was a local resident in the year of the dividend payment, will suffice but a translation of such a letter in English, if applicable, must be provided.

Specific for beneficial owners that are residents of a DTT country not entitled to full refund under Irish domestic law:

The beneficial owner:

  • Selects option C to indicate that they are not entitled to full refund under Irish domestic law but are claiming the benefit under the terms of a DTT; and
  • Includes a Certificate of Residence issued by the tax authorities of their country of residence; and
  • When applicable, claims the reduced rate of withholding tax on a dividend as an owner of more than 10% of the shares or controller of more than 10% of the voting power of any company listed in the form at the time the dividends were paid.

Where a claim is being made under a DTT and it is not practical for the tax authorities to use the Certificate of Residence provided in the form, or where the dividend was paid in a year preceding the year of the form, a letter from the tax authorities, stating that the beneficial owner was a local resident in the year of the dividend payment, will suffice but a translation of such a letter in English, if applicable, must be provided.

Beneficial owners that are residents of the U.S.A. must file the IRS Form 6166 as a substitute for the Certificate of Residence section of the claim form. The IRS Form 6166 is valid for the period from the date of issue until 31 December in the fifth year following the year in which the certificate was issued.

Who completes it?

Beneficial owner or its legal representative

How often is it provided?

Per reclaim application and per beneficial owner.

When is it provided?

At the latest, two months before the statutory deadline.

Copy or original?

Original required.

A letter of confirmation of exemption from the Irish Revenue Commissioners for supranational organisation

Who completes it?Irish Revenue Commissioners.
How often is it provided?Per reclaim application and per beneficial owner.
When is it provided?At the latest, two months before the statutory deadline.
Copy or original?Copy.

Request for Adjustment of Stamp Duty

For each transaction on which an adjustment (for overpayment (refund) or underpayment (payaway) of Stamp Duty) is requested, the customer must submit this form to provide the following information:

  • Security description and ISIN or common code;
  • Clearstream Banking reference of the settlement instruction;
  • Trade date;
  • Settlement date;
  • Amount of stamp duty charged;
  • CREST Transaction ID (1st leg), if applicable;
  • The reason for requesting an adjustment.

Except for reclaims due to incorrect stampable consideration, which must be requested one by one, a maximum of 10 transactions can be included in one request provided that the account number and reason for requesting the adjustment are the same for all of them.

Who completes it?

Customer

How often is it provided?

Per reclaim application.

When is it provided?

As soon as possible after the transaction was processed and the over- or underpayment was noticed.

Copy or original?

Original required.

Credit Advice

Identifies dividend payment details including the security type, gross amount of payment, date of payment and amount of tax withheld. The credit advice must reconcile with the information in the refund form.

A copy of a dividend credit advice in the name of the beneficial owner and of the dividend credit advices (“tax vouchers”) of any intermediaries between the company paying the dividend and the beneficial owner are required:

Bulk voucher issued by the company paying the dividend (will be sent directly to the Irish Tax Authorities by the depository);

Subsidiary tax voucher from Clearstream Banking's depository (will be sent directly to the Irish Tax Authorities by Clearstream Banking);

Credit advice from Clearstream Banking to the customer;

If the Clearstream Banking customer is not the beneficial owner, a credit advice from each intermediary between the beneficial owner and Clearstream Banking customer.

Customers must ensure that the reclaim documents processed through Clearstream Banking include Clearstream Banking's cash correspondent bank and account details.

Who completes it?

Company/financial institution paying the dividend.

How often is it provided?

Per reclaim application.

When is it provided?

At the latest two months before the statutory deadline.

Copy or original?

Original required.

Power of Attorney

If the customer or a third party is completing the documentation on behalf of the beneficial owner, a Power of Attorney must be provided.

The original Power of Attorney must be sent for the first refund claim and is valid until revoked. An authenticated copy of the original Power of Attorney must be attached to each further application form.

Who completes it?

Beneficial owner

How often is it provided?

Once in original, then an authenticated copy for each reclaim application.

When is it provided?

At the latest two months before the statutory deadline.

Copy or original?

Once in original, then authenticated copy required

Letter of Request to Clearstream Banking for Reclaim of Irish Withholding Tax

This authorises Clearstream Banking to reclaim withholding tax from the Irish Tax Authorities on the customer's behalf.

Who completes it?

Customer

How often is it provided?

Per reclaim application

When is it provided?

At the latest two months before the statutory deadline.

Copy or original?

Original required