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Digital Subscriptions > The Hedge Fund Journal > Issue 113 - April | May 2016 > EY on Section 871(m)

EY on Section 871(m)

New US withholding tax on dividend equivalent payments

On 17 September 2015, the US government released final and temporary regulations under IRC Section 871(m) (“the regulations”) affecting non-US persons that hold financial products such as certain notional principal contracts, derivatives and other equity-linked instruments (ELIs) with payments that reference (or are deemed to reference) dividends on US equity securities. Parties to such contracts may become responsible for imposing US withholding tax on any such dividend equivalent payments that are made to a non-US person, or, in certain circumstances, may also be required to self-assess tax on their own trading in such instruments as US withholding tax may not always be satisfied at source.

In particular, asset managers that trade instruments that are within the scope of the rules will need to consider the application of the rules to each type of affected trade to determine their identification, withholding and reporting responsibilities.

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