Q&A: Investor confused by the necessary steps all Irish shareholders need to take before September 25th
News last week that Smurfit Kappa is planning a $19 billion merger with US rival WestRock that will inevitably mean a New York primary listing even if the company remains technically headquartered here makes the impact even more relevant for Irish investors.
Outgoing Glanbia chief executive Siobhán Talbot said the Kilkenny-based group was not looking at a US listing “at this point in time”. However, the business has already changed its reporting currency to dollars and most of its revenues come from the US. It generates over 90 per cent of its earnings in dollars.
Not all US listed companies are alike, according to Computershare, the share registrar specialists who are managing the switch to the New York market for CRH.You’re not the only CRH shareholder to be in touch as they figure out what they need to do.
As I say, until last week, I thought the 30 per cent/15 per cent structure applied to all US dividends but apparently not. According to the tax experts at Computershare – who are far more competent than I in this area – it applies only to dividends that are US sourced. Essentially – god bless the convolutions of the US tax system – this additional tax does not come under Chapter 3 income but under Form 1099 income. You’ll need to trust me on this, or rather trust Computershare – because it took me the guts of a week to get my head around it.
Outside of that, you need only to amend your name and mailing address if it is not correct , supply your permanent address and details of your country of citizenship and date of birth. By the way, tax benefits aside, the US Inland Revenue Service does require foreign investors in US listed companies – gratingly referred to as “non-resident alien investors” – to complete the W-8BEN form, so don’t put it off.
If you are in the Republic, the number is 01 6968467; if you are up North, you call 0370 7071398. Computershare tells me that both of those numbers will automatically route you through to the company’s US-based team if you are calling after September [email protected]
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