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Trading 212 Clients Beware!

  • 01-09-2020 3:16pm
    Registered Users Posts: 194 ✭✭

    Recently, I received a dividend from Medtronic MDT. A few weeks later I checked the details and discovered that the Witholding Tax was 25%.

    I emailed T212 support and suggested that the rate should've been 15%. They replied confirming that the 25% deduction was correct. I then emailed them a link to the Irish Revenue website that showed the rate is 15%. They responded with a link to another Revenue page showing a 25% rate. However, this is the rate that Irish companies must pay to Revenue.

    I'm extremely disappointed with their incompetence.

    Update: I'm wondering if the fact that Medtronic's head office is in Dublin, does the Irish company DWT rules apply, despite being listed on NASDAQ and paying dividends in $US.

    I'd appreciate any enlightenment on the issue. Feel I may owe Trading 212 an apology.


  • Registered Users Posts: 194 ✭✭outonawing

    I've amended the opening post, anyone got advice?

  • Registered Users Posts: 311 ✭✭strmin

    Yes, Medtronic is registered company in Ireland and Irish dividend withholding tax applies. It doesn't matter in what currency dividend is being paid or where it's listed.