A withholding tax software specialist has launched a product for UK intermediaries allowing them to ...
A withholding tax software specialist has launched a product for UK intermediaries allowing them to automatically reclaim tax on dividends from overseas securities. The system, run by Global Operations and Administration Limited (Goal) covers 27 types of securities including ordinary shares.
According to the group's own research UK private investors have been missing out on some £251m a year by not making reclaims. Intermediaries can pay a one-off cost of around £5,000 to have the system installed or can use Goal's existing online system at a cost of around 15% per dividend plus VAT.
Stephen Everard, managing director of Goal, said: "The process of making a reclaim can be laborious, and requires an in depth knowledge of different tax regimes and reclaim formats across many different geographies and legislatures."
Luxembourg has a 25% withholding tax on foreign dividend payouts investors are entitled to receive back 10% if they put in a claim. The Dublin rate is 20% with it all being reclaimable. While Switzerland has a withholding tax rate of 35% and up to 25% is reclaimable.
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