Options to obtain Irish DWT exemption
Transfer your shares to a broker
Irish Dividend Withholding Tax
Opportunities to obtain Irish Dividend Withholding Tax (DWT) exemption
Eaton Corporation plc established tax residence in Ireland during 2012, and as such, dividends are considered Irish source income and Irish dividend withholding tax (“DWT") rules apply. Dividend payments will be subject to an Irish withholding tax of 20 per cent of the amount of each dividend unless the shareholder that is beneficially entitled to the dividend is a resident of the United States or a resident of a country listed as a “relevant territory”, and has ensured that the required documentation is on file with their broker, bank, qualifying intermediary or transfer agent. With these rules, the vast majority of Eaton shareholders and beneficial owners are entitled to an exemption from DWT.
Please answer the following questions to find out how to obtain an exemption from the Irish Dividend Withholding Tax (DWT) on your Eaton Corporation plc shares. A W-9 or a W8-BEN is still required to avoid United States Dividend Tax withholding. You may already have these documents on file with your financial institution.
If Irish Dividend Withholding Tax (DWT) has been previously assessed to your account and you are looking for direction on claiming a tax refund or tax credit information, click here.
It is up to each individual to review each alternative as it applies to their specific situation, evaluate its viability in the context of their overall investment strategy, and decide which one is right for them. As part of this process, you may wish to consult your own broker, financial adviser or tax adviser for their professional assistance. Not all alternatives may be right for you. Not all alternatives may apply to you.
Q1: Are your Eaton Corporation plc shares held directly with our transfer agent Broadridge?
Yes / No
Q2: Are your Eaton Corporation plc shares held by a broker and you are a tax resident of the United States?
Yes / No
Q3: Was your Broadridge account established on or before November 30, 2012?
Yes / No
Q4: Are you a resident of a relevant territory (as defined by Irish Law)? To determine which countries are considered a relevant territory, please visit this link.
Yes / No
Q5: If you are a resident of a relevant territory, are your shares held with Broadridge?
Yes / No
Shares held at Broadridge > Filer is Tax Resident of the United States (US) and Account Established before 11/30/12
Description
- Transfer your shares from Broadridge to a broker.
- Ensure that your broker has your Form W-9 on file.
- Confirm with your broker that they can certify you have a valid US address with a Form W-9.
- Complete the beneficial ownership form regarding the transfer of shares and send it to Broadridge Corporate Issuer Solutions, P.O. Box 1342, Brentwood, NY 11717, within 24 hours of contacting your broker.
- If your broker has questions on applying for the exemption, they can visit www.dtcc.com and search “Eaton” for instructions.
Required forms
- US Tax Residents need a valid W-9
- Beneficial ownership form
Continue to hold your shares in direct registry at Broadridge
- Click on “Register”
- Use the access code “EATON”
- Follow the instructions provided
Sell your shares
Eaton values all shareholders and hopes you remain a shareholder. However, we understand that, after reviewing each alternative and evaluating its viability in the context of your overall investment strategy, you might decide this alternative is right for you.
If you sell your ETN shares, and don’t purchase new ETN shares, you will not receive dividends—and will not be required to pay Irish DWT.
You should consult your tax adviser regarding the tax consequences of selling your shares.
If you take no action, Irish DWT will be withheld from your Eaton Corporation plc dividend payments. The dividend payment you receive will be reduced by the Irish DWT
Irish DWT is withheld at a rate of 20 per cent on dividends.
If you sell your ETN shares, and don’t purchase new ETN shares, you will not receive dividends—and will not be required to pay Irish DWT.
You should consult your tax adviser regarding the tax consequences of selling your shares.
If you take no action, Irish DWT will be withheld from your Eaton Corporation plc dividend payments. The dividend payment you receive will be reduced by the Irish DWT
Irish DWT is withheld at a rate of 20 per cent on dividends.
Tax Resident of the US with shares held by broker (US)
You should be exempt from paying the Irish DWT, assuming:
- You have a Form W-9 and a valid United States address on file with your broker; and
- You’ve confirmed with your broker that they can certify a valid US address with a Form W-9.
If your broker has questions on applying for the Irish DWT exemption, they can visit http://www.dtcc.com and search “Eaton” for instructions. These instructions also include details on the treatment of special situations, such as trusts or partnerships. Generally, for US Tax Residents, the DTC Participants are automatically considered a Specified Intermediary and can claim the exemption based on the investor’s US address. For Non-US Tax Residents, their US banks or brokers (aka DTC Participants), who are not Qualifying Intermediaries, will send the Form V2 to BNY Mellon as the Qualified Intermediary and they can then claim the DWT exemption.
Shares held at Broadridge > Filer is Tax Resident of the United States (US) and Account Established after 11/30/12
Options to obtain Irish DWT exemption
Transfer your shares to a broker
Description
- Transfer your shares from Broadridge to a broker.
- Ensure that your broker has your Form W-9 on file.
- Confirm with your broker that they can certify you have a valid US address with a Form W-9.
- Complete the beneficial ownership form regarding the transfer of shares and send it to Broadridge Corporate Issuer Solutions, PO Box 1342, Brentwood, NY 11717, within 24 hours of contacting your broker.
- If your broker has questions on applying for the exemption, they can visit www.dtcc.com and search “Eaton” for instructions.
Required forms
- US Tax Residents need a valid W-9
- Beneficial ownership form
Continue to hold your shares in direct registry at Broadridge
- In order to obtain an Irish DWT exemption, you will need to register with and pay a $149.99 (USD) fee to GlobeTax for their eCerts service, which will maintain your exemption through the end of the fifth year following the completion of the required documentation.
- $85.00 of the $149.99 service fee are paid to the IRS to obtain the US Certificate of Residency. $64.99 are retained by GlobeTax for administration of the service.
- To ensure your Irish DWT exemption, initiate your GlobeTax registration as soon as possible, at least 45 days prior to the dividend record date.
- If you do not act, the statutory dividend withholding tax rate of 20 per cent will continue to be applied to your dividend payments.
- Click on “Register”
- Use the access code “EATON”
- Follow the instructions provided
Sell your shares
Eaton values all shareholders and hopes you remain a shareholder. However, we understand that, after reviewing each alternative and evaluating its viability in the context of your overall investment strategy, you might decide this alternative is right for you.
If you sell your ETN shares, and don’t purchase new ETN shares, you will not receive dividends—and will not be required to pay Irish DWT.
You should consult your tax adviser regarding the tax consequences of selling your shares.
If you take no action, Irish DWT will be withheld from your Eaton Corporation plc dividend payments. The dividend payment you receive will be reduced by the Irish DWT
Irish DWT is withheld at a rate of 20 per cent on dividends.
If you sell your ETN shares, and don’t purchase new ETN shares, you will not receive dividends—and will not be required to pay Irish DWT.
You should consult your tax adviser regarding the tax consequences of selling your shares.
If you take no action, Irish DWT will be withheld from your Eaton Corporation plc dividend payments. The dividend payment you receive will be reduced by the Irish DWT
Irish DWT is withheld at a rate of 20 per cent on dividends.
Options to obtain Irish DWT exemption
Transfer your shares to a broker
Description
- Transfer your shares from Broadridge to a broker. To ensure continuation of the exempt status you may already have in place, we recommend that this transfer occur in 2017.
- Ensure that your broker has your stamped Form V2 on file.
- Confirm with your broker that they will file the Irish DWT exemption.
- Complete the beneficial ownership form regarding the transfer of shares and send it to Broadridge Corporate Issuer Solutions, PO Box 1342, Brentwood, NY 11717, within 24 hours of contacting your broker.
- If your broker has questions on applying for the exemption, they can visit www.dtcc.com and search “Eaton” for instructions. For Non-US Tax Residents, the DTC participants will send the Form V2 to GlobeTax and they can then claim the DWT exemption.
Required forms
- OUS Tax Residents need a valid W8-BEN
- Select the appropriate Form V2 here
- Beneficial ownership form
Continue to hold your shares in direct registry at Broadridge
- In order to maintain your Irish DWT exemption beyond the grace period which expired on January 1, 2018, you needed to register with and pay a $50 (USD) service fee to GlobeTax, which will maintain your exemption through the end of the fifth year following the completion of the required documentation.
- You should have initiated your GlobeTax registration in 2017 to ensure your DWT exemption application was under way before the grace period expired on January 1, 2018.
- If you did not act, the statutory dividend withholding tax rate of 20 per cent will be applied to your dividend payments.
- Click on “Register”
- Use the access code “EATON”
- Follow the instructions provided
Sell your shares
Eaton values all shareholders and hopes you remain a shareholder. However, we understand that, after reviewing each alternative and evaluating its viability in the context of your overall investment strategy, you might decide this alternative is right for you.
If you sell your ETN shares, and don’t purchase new ETN shares, you will not receive dividends—and will not be required to pay Irish DWT.
You should consult your tax adviser regarding the tax consequences of selling your shares.
If you take no action, Irish DWT will be withheld from your Eaton Corporation plc dividend payments. The dividend payment you receive will be reduced by the Irish DWT
Irish DWT is withheld at a rate of 20 per cent on dividends.
If you sell your ETN shares, and don’t purchase new ETN shares, you will not receive dividends—and will not be required to pay Irish DWT.
You should consult your tax adviser regarding the tax consequences of selling your shares.
If you take no action, Irish DWT will be withheld from your Eaton Corporation plc dividend payments. The dividend payment you receive will be reduced by the Irish DWT
Irish DWT is withheld at a rate of 20 per cent on dividends.
The only remaining option to avoid DWT may be to sell your shares
Eaton values all shareholders and hopes you remain a shareholder. However, we understand that, after reviewing each alternative and evaluating its viability in the context of your overall investment strategy, you might decide this alternative is right for you.
If you sell your ETN shares, and don’t purchase new ETN shares, you will not receive dividends—and will not be required to pay Irish DWT.
You should consult your tax adviser regarding the tax consequences of selling your shares.
If you sell your ETN shares, and don’t purchase new ETN shares, you will not receive dividends—and will not be required to pay Irish DWT.
You should consult your tax adviser regarding the tax consequences of selling your shares.
Filer is resident of a Relevant Territory Outside the US with Shares Held by Broker (OUS)
To receive an Irish DWT exemption:
- Ensure your broker has your Form V2 on file, which is available here
- Confirm with your broker that they will file the Irish DWT exemption
If your broker has questions on applying for the exemption, they can visit http://www.dtcc.com and search “Eaton” for instructions. These instructions include country-by-country filing requirements as well as instructions for special situations, such as trusts or partnerships. For Non-US Tax Residents, their US banks or brokers (aka DTC Participants), who are not Qualifying Intermediaries, will send the Form V2 to GlobeTax and they can then claim the DWT exemption in that manner.
This page is intended to give helpful direction to holders who have had Irish Dividend Withholding Tax (DWT) applied to their account and are looking for information on claiming a tax refund or tax credits. Investors should not view this detail as a substitute for a knowledgeable tax adviser and we advise that you seek their guidance in these often complex tax situations.
I am a United States Tax Resident. How do I claim a refund of Irish DWT from the Irish Tax Authority?
- If you do not obtain an exemption from Irish DWT, you may apply for a refund directly from the Irish Tax Authority.
- Refund claims may be made in the same year as the Irish DWT was withheld; however, they must be made within four years from the end of the calendar year in which the tax was deducted (e.g. a refund claim for Irish DWT withheld in May 2017 must be made by 31 December 2021).
- Total cost over five years includes an $85 (USD) IRS “user fee,” plus postage/courier fees.
- Refunds are issued by the Irish Revenue Commissioners in euros by cheque.
- It is common for refunds filed directly to the Irish Revenue Commissioners to take 9-12 months to pay.
- GlobeTax may be able to assist you for a fee per share subject to a minimum fee (in addition to the $85 paid to the IRS), but you do not need to use GlobeTax to claim a refund of Irish DWT.
- If you wish to use GlobeTax, contact them at eCertsEaton@globetax.com.
- Refunds paid through GlobeTax will be made in USD by cheque.
- Refunds through GlobeTax are often received in half the time as filing directly.
- File Form US IRS-8802 with the IRS, paying the $85 (USD) “user fee,” to obtain IRS Form 6166.
- Submit to Irish Revenue the following forms using tracking mail (e.g. FedEx, UPS, DHL, certified mail via USPS, or similar):
- Completed refund claim form
- Original dividend vouchers
- Form 6166*
- Form V2*
- All other forms required by Irish Revenue: refer to the “Dividend Withholding Tax Refund Claim Form—Claim from or on behalf of Certain Non-Resident Persons for Refund of DWT”.
* You do not need to complete these new forms with each refund claim; these forms are valid for the year in which they are signed, plus five full calendar years following.
You will still need to submit one of these forms to Broadridge:
- If you are a US resident: Form W-9
- If you are not a US resident: Form W-8BEN
I am tax filer residing outside the United States. How do I claim a refund of Irish DWT from the Irish Tax Authority?
- If you do not obtain an exemption from Irish DWT, you may apply for a refund directly from the Irish Tax Authority.
- Refund claims may be made in the same year as the Irish DWT was withheld; however, they must be made within four years from the end of the calendar year in which the tax was deducted (e.g. a refund claim for Irish DWT withheld in March 2018 must be made by 31 December 2022).
- Total costs over five years are postage/courier fees.
- Refunds are issued by the Irish Revenue Commissioners in euros by cheque.
- GlobeTax may be able to assist you for a fee per share subject to a minimum fee, but you do not need to use GlobeTax to claim a refund of Irish DWT.
- If you wish to use GlobeTax, contact them at eCertsEaton@globetax.com.
- Refunds paid through GlobeTax will be made in USD by cheque.
- Refunds through GlobeTax are often received in half the time as filing directly.
- Submit to Irish Revenue the following forms using tracking mail (e.g. FedEx, UPS, DHL, certified mail via USPS, or similar):
- Completed refund claim form
- Original dividend vouchers
- Form V2*
- All other forms required by Irish Revenue: refer to the “Dividend Withholding Tax Refund Claim Form—Claim from or on behalf of Certain Non-Resident Persons for Refund of DWT”.
* You do not need to complete these new forms with each refund claim; these forms are valid for the year in which they are signed, plus five full calendar years following.
You will still need to submit one of these forms to Broadridge:
- If you are a US resident: Form W-9
- If you are not a US resident: Form W-8BEN
Claim a foreign tax credit on your income tax return for the Irish DWT you paid
- It can be difficult to satisfy the requirements for a tax credit. You should consult your tax adviser to see if this is possible.
- You should consult your individual tax adviser to see what additional forms you may need to file with your income tax return, if any.
- You will still need to submit one of these forms to Broadridge:
- If you are a US resident: Form W-9
- If you are not a US resident: Form W-8BEN
Helpful web resources
