This site provides information regarding the progress of the administrations of BACSL and BSL and will be updated with new information from time to time as it becomes available.
The Administrators have been made aware that payments of US sourced investment income may not have been subject to the correct rate of withholding tax at source.
The Administrators have been made aware that US W-8 Series or W-9 Forms from clients were either incomplete or insufficiently recorded by BACSL.
As all client safe custody holdings are held in pooled nominee accounts, all US sourced investment income is affected. We expect dividends to be allocated net of the maximum withholding tax rate.
We are currently liaising with the tax authorities and once we have further information on this issue, we will notify accordingly.