Irish Tax Withholding Reclaim Process
Interactive Brokers Ireland Limited (IBIE) must apply Irish withholding tax of 20% on credit interest paid to certain clients, including natural persons. However, you may be able to reclaim some or all of the tax withheld, if you are resident in a country with a Double Taxation Treaty (DTT) with Ireland, which includes all EEA countries.
To reclaim withholding tax, you must complete Form IC7. This article explains how to do this. You can find the form at this link:
https://www.revenue.ie/en/self-assessment-and-self-employment/documents/form-ic7.pdf
You may also be interested in our explanation on how to apply for an exemption from or reduction in the rate of withholding tax applicable to your future credit interest payments, which you can find here.
How to Reclaim Withholding Tax
Step 1: Complete the following information:
1. Under section entitled Name of claimant – please fill in full Capital Letters.
Full Name,
Foreign Tax Ref. No.
Revenue File Ref. No. (If known.)
Address:
Tel No.:
E-mail:
2. Under section entitled Agent – only complete this section if you would like enquiries to be sent to your Agent.
Name:
Address:
Tel No.:
E-mail:
Step 2: Answer and complete questions numbered 1-6,
|
|
QUESTION |
ANSWER |
|
1 |
Please state the name, address and Irish tax reference number of the Irish entity making the payments. |
Interactive Brokers Ireland Limited North Dock One, 91/92 North Wall Quay, Dublin 1 D01 H7V7, Ireland TRN: 3674050HH |
|
2 |
State the relationship, if any, between you and the Irish entity making the payments. |
Client |
|
3 |
Please confirm that the payments are made on ‘an arms length Basis’ |
Confirmed: All credit interest payments made by IBIE to clients are on an arm’s length basis |
|
4 |
Please state the rate of the payments |
Variable |
|
5 |
Please state the date of the first payment |
Please refer to the annual statement to determine date of first payment (available on client portal). |
|
6 |
Please state the term of the Agreement. |
Indefinite |
|
7 |
Is the payment in question arising from a Permanent Establishment (P.E.) or fixed base maintained by you in Ireland |
Please complete |
Step 3: Complete the declaration with your country of residence in both blank sections.
Step 4: Sign and date the Form underneath the declaration.
Step 5: Insert the amount you are claiming following “Amount Claimed”.
You can find the amount claimed on Form R185, which is available in IBIE’s client portal in the Tax Forms (see the section marked Tax Deducted).
“Amount Claimed in €________: if claiming a refund of Irish tax on payments already made”
Step 6: Complete the section on payment details in the next box, include details of the account to which you wish to receive the payment from Revenue.
Step 7: Ensure the last section is completed and stamped by the tax authority in your country of residence.
Note: If your tax authority will not stamp the form, Irish Revenue may accept a certificate of tax residence, which can be attached instead of having that section completed.
Step 8:
Post or email the following to International Claims Section, Office of the Revenue Commissioners, Nenagh, Co Tipperary, E45 T611, Ireland or intclaims@revenue.ie:
i) Form IC7,
ii) Form R185 (which is available in IBIE’s client portal in the Tax Forms section),
iii) The IBIE Customer Agreement found at this link or alternatively you can just send the link to the customer agreement (in the email or in a cover letter via post), https://www.interactivebrokers.ie/en/accounts/forms-and-disclosures-client-agreements.php, and
iv) Your certificate of tax residence (if required):
How to Contact Irish Revenue
If you have any questions regarding the form, please contact Irish Revenue (Tel No.: +353 1 7383634 E-email: intclaims@revenue.ie).