Hi all,
What are the fiscal implications for a UK resident in trading with Revolut? Do you need to declare your taxes to the IRS as well as the HMRC?
Thank you.
I would like to think that any tax owed would be in one’s home country?
Perhaps I am being naive?
Same thought, but I could not find any official source about that. My understanding is that without the W8-BEN a UK investor would receive a higher taxation on dividends.
No W8-BEN doubles the brokerage underlying withholding tax (15% - > 30%)
No you don’t have to worry about filing a US tax report (unless you’re an American citizen)
Obviously if you have concerns I’d recommend contacting a taxation consultant