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Frequently Asked Questions

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How do I complete a W-8BEN form?

The following are information notes for the completion of a W-8BEN. These notes should be read alongside the official IRS instructions available at www.irs.gov also available on our website.

The W-8BEN form should not be completed with white ink, nor should correction fluid (Tip-ex) or correction tape. If it is the forms will be rejected by the IRS.

This information notes each section of the W-8BEN form with completion notes for each. If you require a W-8BEN form one can be downloaded in our Useful Forms.

Completed forms should be returned to:

TD Waterhouse
Exchange Court
Duncombe Street
Leeds
LS1 4AX

Part I Identification of Beneficial Owner

1. Enter the full name of the individual or organistion of the applicant
2. Only relevant for applicants who are not individuals
3. Tick the box that is most appropriate to the applicant
4. Enter the permanent residential address. This does include PO Box, Care of or any other mailing type addresses
   Country should be completed without any abbreviations used. Applicants that would enter England, Scotland, Wales or Northern Ireland should enter United Kingdom. Jersey, Guernsey and Isle of Man are not apart of the United Kingdom
5. A mailing contact address can be offered here
   Country should be completed without any abbreviations used. Applicants that would enter England, Scotland, Wales or Northern Ireland should enter United Kingdom. Jersey, Guernsey and Isle of Man are not apart of the United Kingdom
6. If the applicant has a US taxpayer identification number it should be entered here and the relevant box ticked
7. Only complete if one is held
8. This can be the account number or any other relevant reference

Part II Claim of Tax Treaty Benefits

This section should only be completed if the applicant is resident in country that has a tax treaty with the United states. Tick the relevant boxes

1. Country should be completed without any abbreviations used. Applicants that would enter England, Scotland, Wales or Northern Ireland should enter United Kingdom. Jersey, Guernsey and Isle of Man are not apart of the United Kingdom
2. Only tick this if question 6 above has been answered
3. Individual applicants should not complete this field
4. Individual applicants should not complete this field. Additional guidance can be found in the Instructions for Form W-8BEN
5. Only complete if applicable. Additional guidance can be found in the Instructions for Form W-8BEN
6. Where relevant, all blank sections need to be completed including the tax treaty reference that is appropriate to receiving special rates. Each treaty may use a different reference therefore, if this is applicable, the client will need to enter this information. Additional guidance can be found in the Instructions for Form W-8BEN

Part III Notional Principal Contracts

Only tick this box if it is applicable. Additional guidance can be found in the Instructions for Form W-8BEN

Part IV Certification

Please sign and if relevant enter in which capacity you are signing in. Capacity examples include; trustee, executor, power of attorney, parent, guardian, director and treasurer.

Important Information

• This is for information purposes only.
• Tax advice can not be given.
• If advice is required please consult a professional tax advisor or the IRS.
• Tax treaty rates does not override your actual tax liability in the country you reside but any tax withheld maybe deemed off settable.
• If you do not feel that the Form W-8BEN is appropriate please visit WWW.IRS.GOV and review the other Form W-8 series available. Each form will have a corresponding instruction guide to help you understand the usage and completion of the form.

Which stocks can I hold in my ISA?

 

Because of HM Revenue & Customs (HMRC) rules regarding ISA stock eligibility it is not possible to provide an exhastive list of accepted stocks. However the HMRC guidelines for acceptable stocks are detailed below. If you are being prevented from trading a stock you believe eligible to be held in an ISA please contact our customer services team on 0845 607 6001 who will be able to check the stock on your behalf.

UK / Irish Listed Ordinary Shares (Incl PLUS/AIM)

Stock must:

• be listed on a recognised Stock Exchange
• not be exclusively* listed on either AIM, PLUS, Irish Exploration or Irish Unclassified Markets

Important Notes

* AIM listed securities that are also listed on a recognised exchange (e.g. NASDAQ, ASX) may qualify.

Lyxor Gold Bullion Securities (GBS) does not qualify for inclusion in a ISA

Residual Stocks & Preference Shares

Residual stocks do qualify for ISA's

Most Preference Shares (e.g. Zero Dividend/Fixed Interest) do qualify, however please check before trading if you are unsure

Unit Trusts, Investment Trusts and OEIC's

Although most of these securities do qualify, the best way to verify is to call our Customer Services team so that we can check to ensure it qualifies

International Securities

UK London International

HM Revenue & Customs have not confirmed if London International Stock is eligible to be held in an ISA. As a business decision, we do not allow customers to buy such stock within their ISA. Those who already hold London International Stock can continue to do so, or sell their holding.

United States

• New York Stock Exchange (NYSE)
• Nasdaq (National and Small Cap Markets) - NOT Nasdaq OTC BB or Pink Sheets
• American Stock Exchange (AMEX)

NEX and CNQ listed stocks NOT allowed in ISAs

Canada

• Toronto Stock Exchange (TSE)
• Toronto Venture Exchange (TVE) Tiers 1 and 2 Ordinary stocks only (Tier 3 does not qualify)

France

• Paris Bourse
• CAC 40, SBF 120, SBF 150, MID CAC, Premier Marche, Nouveau Second - Not Nouveau Marche.

Germany

• Deutsche Borse (Frankfurt Xetra)
• DAX 30, NEMAX 50, EUROSTOXX 50, SMAX - Not Open and Newex Markets

Italy

Stocks that are officially listed on the Borsa Italiana will qualify for holding within an ISA wrapper. Other Italian markets do not qualify

Holland

• Amsterdam Exchange (AEX)
• MIDCAP, Estars, E100.

Spain

• Bolsa De Madrid
• IGBM.

Switzerland

• Virt-X
• SMI (SWX Market), SPI (SWX Performance), SNMI (SWX New).

Sweden

• Stockholmsbörsen
• SX Composite, SX 16, SX OTC, SX 0 and 9.

Belgium

• Brussels
• BEL 20, BAS (All Share), Mid Cap, Small Cap.

Australia

• ASX

Hong Kong

• Hang Seng.

Singapore

• SGX.

Futures, Options, Contracts for Differences (CFD) Warrants and Covered Warrants

None of these investments qualify.

Nil Paid Rights

Are not qualifying investments so cannot be purchased in the Open Market.

For Rights Issues within an ISA, Customer's have the option to either:

• Sell the Nil Paid Rights and retain the proceeds in the account.
• Take up the rights inside the ISA (using available cash on the account)
• Take up the rights outside the ISA using cash from outside the account
• Take up some shares inside and some shares outside the ISA
• Allow the rights to lapse and possibly receive a lapsed rights payment (this can be retained in the account)

UK Gilt-Edged (Treasury) Securities

Security qualifies if the instrument:

• is at least five years away from redemption (e.g. Treasury 8 3/4% 2017)
• is undated (irredeemable)

Building Society PIBS (Permanent Interest Bearing Shares)

All PIBS qualify (all PIBS are irredeemable).

Corporate Bonds & Loan Notes

Security qualifies if the instrument:

• is at least five years away from redemption,
• has a fixed or 'nil' interest rate (not floating or variable).
• has a qualifying underlying instrument (e.g. NMT Group Loan Notes do not qualify because NMT Group Ordinary Shares are quoted on the Alternative Investment Market (AIM)).

Cash

Cash is a non-qualifying investment.

The HM Revenue & Customs (HMRC) will not allow cash to remain un-invested in a Plan indefinitely

Commodities, e.g. Metals, Oil.

Commodities are non-qualifying investments

What are your fees and charges?

Here are the answers to some common questions about our fees and charges. Please refer to our rate card for a full list of our rates and charges.

Q. Are there any charges to open an account?

A. No

Q. What about closing my account?

A. We do not charge a closure fee for Nominee accounts, however there is a charge of £25 per line of stock to withdraw or transfer your shares.

There is a charge of £50+VAT to close an ISA, plus the administration fee for the current year. However you do not have to pay any additional fees to withdraw stock.

Q. Are international trades charged the same as UK trades?

A. TD Waterhouse fees and charges are detailed in our rate card. The same commission is charged both UK and International trades. International Commissions are charged in your chose settlement currency and multiplied by the conversion rate (if applicable), subject to the minimum and maximum charges shown in our rate card for UK trades.

Q. What are your charges for currency conversions?

A. We do not charge a commission, however we apply a spread of up to +/- 1.75% at the time of execution. The rate we give you will include the spread, based on the value of the transaction.

Q. Do you have an administration fee?

A. We do not charge an administration fee for active Nominee Accounts.

By active we mean that you either have a minimum of £5,000 in the account (a combination of cash and/or stock) or you have traded at least once in the last calendar quarter. Accounts that do not meet this criteria are charged a quarterly fee of £10+VAT. ISAs are free of administration fees if the plan has a value of £3600 or more. Plans below this amount are subject to an annual fee of £30+VAT.

Q. I have a certificate at home, how much will it cost me to sell it through your service?

A. We charge commission at our standard rate (see our rate card) plus an additional £25. Alternatively you can send us your certificates to deposit into your account and sell at our standard rates.

Q. I trade regularly, can you offer me a reduced commission?

A. If you trade 10 times or more per quarter, you will qualify for our Frequent Trader rates the following month. For full details please see our rate card.

Can I use my iPhone, Blackberry or other mobile phone to access your website?

We do not allow access to our website using these devices at present.

If you attempt to use one of these to access our site you will see a screen that states you are using an unsupported browser which cannot be used with our website, or the page may simply reload.

What is the settlement period?

A share trade is like any other transaction with a buyer and a seller. When you sell your shares someone else is in effect buying them from you, conversely when you buy shares you are in effect purchasing them from someone else. These transactions are conducted through the “market makers” or RSPs who match up buyers and sellers.

The settlement date is when your transaction completes and the stock and cash change hands. This is normally 3 working days after the day you placed the trade (T+3).

This means that if you place a trade to buy stock you must deliver the payment for it by the settlement date. If you sell stock then it must be delivered to the buyer on the settlement date and you will receive payment.

Certificated Trades

For certificated sales your share certificate and signed Crest Transfer Form must be received prior to the settlement date so that the stock can be delivered to the buyer.

Certificated sales are placed on a T+10 basis to give you time to deliver your certificates and a Crest Transfer Form. To ensure the prompt settlement of certificated trades you should make sure your documentation is received three working days prior to your settlement date.

Certificated purchases settle after 10 days, however it can take some time longer for a share certificate to be produced.

Extended Settlement

You can choose to settle purchases up to T+25 (T+20 online). On accounts with trading levels this means that you can choose to pay for your stock up to 25 working days after the purchase date.

Extended settlement is considered anything over the standard market settlement (T+3) Please be aware that the market may charge a premium on extended settlements.

When will you send my Consolidated Tax Certificate?

Consolidated Tax Certificates (CTC) detail the tax paid on any dividends you have received for the previous tax year.

If you elect to receive email documentation will receive notification that they can view thier CTC online no later than 25 May 2010. If you choose to receive postal documents then we will dispatch your certificate on 28 May 2010. Postal customers will also be able to obtain copies of thier CTC on our website from the week commencing 25 May 2010.

Tax certificates will be sent in accordance with your Document Delivery preferences. Please click Account Administration then Document Preferences after logging into your online account to check your preference for delivery. If you have selected email notification, please ensure that your email address is also up to date.

You will be able to access a copy of this statement as soon as you receive the notification in the eServices/Consolidated Tax Certificates section of our site. If you selected post, you can still view a copy here.

If I open an account how soon can I trade?

You can start trading on your account immediately after your application is completed (subject to status). You will be provided with an account number after you submit your electronic application.

Your passwords will be sent by email within an hour. If you wish to place a trade before this please contact our dealing team on 0845 607 6001.

Our opening hours are Monday to Friday 07:30 – 21:00 or Saturday 09:00 – 15:00.

The only exception to this is dealing on US shares. Before you can start trading on the US markets you will need to complete and return a W-8BEN form. For more information on this form and how to complete it please see the relevant pages below.

How do I close my Trading Account?

You can close your account by calling us on 0845 607 6002. Please make sure you have your password when you contact us, otherwise you will need to write in to close your account. Our address is:

Customer Accounts Team
TD Waterhouse
Exchange Court
Duncombe Street LS1 4AX

 

I have just placed a limit/stop loss order, what happens next?

When you place a limit/stop loss order your trade will be entered onto our limit dealing system. This system monitors the price of the stock you have set a limit for. When your limit is reached we will attempt to place your trade with the market.

Initially we will attempt your trade electronically. Under certain market conditions or for orders above the “Exchange Market Size” (EMS) we may not be able to place your trade electronically. In these instances your trade will be passed to one of our registered market dealers who will contact the market to deal your order if possible.

In respect of stop losses, we will attempt to place your order at the stop loss price you requested. However Market conditions may result in the execution of a stop loss order being at a price above or below the stop loss price.

EMS is the maximum number of shares that the market is obliged to offer at the indicative quoted or “touch price”. You can find the EMS of a stock in the Company Facts report in the research section of our site. The EMS is on the top right hand side of the screen and is market NMS.

Why is the account management fee charged?

A fee of £10 + VAT is charged quarterly:

• When you have not traded in the previous quarter; or when you do not hold a portfolio balance greater than £5,000.
• Certificated accounts, ISAs and SIPPs are exempt from the fee.

The Account management fee covers any administration costs for the previous 3 months, for example processing Corporate Actions, phone and web services and account administration such as statements.  The fee was introduced in February 2003 and all customers were informed 30 days prior to the introduction of the charge.   The fee is also detailed in our Rate Card.

Email Us

If you cannot find the answer to your question you can email us.

We cannot accept trading instructions, password requests or changes to your account details by email. This is for security reasons.

Telephone

From the UK: 0845 607 6002
From overseas: 0044 161 819 6467

Write to Us at:

Customer Resolution
TD Waterhouse
Exchange Court
Duncombe Street
Leeds
LS1 4AX

Complaints

Click here for details of how we handle complaints

Suspicious email?

If you are suspicious of an email from TD Waterhouse, please forward it to phishing@tdwh.co.uk