ISA Fund withdrawal and W-8BEN

🤝 Help
1

Hi, I’m going to need to sell some NYSE shares in my ISA account and get funds in my bank pretty quick soon, just holding off 'till the last moment, so my questions are

  1. when I sell do I need to do anything with the W-8BEN? I’m understanding it’s automatically generated?

  2. I see there’s a Paypal option which is fast; I don’t have that registered can I setup and use?

  3. Do I need to withdrawer any extra to cover any unseen costs/taxes at this time over the actual amount I need?

Basically I need to pay for a new vehicle ideally by 31st July.

Any help appreciated.

2

1 No

2 Due to EU regulations, you have to withdraw funds to your deposit method first. If your account balance is £500, and you deposited £200 by card A and £100 by card B, you have to withdraw £200 to card A before you can withdraw the remaining £300 to card B, or withdraw £100 to card B before withdrawing remaining £400 to card A.

  1. Not sure but PayPal has additional charges to withdraw to a bank account.

Also worth noting that 212 do not operate a flexible ISA.

I would be tempted to suggest a ‘dry run’ and/or speak to help in the chat.

All the best!

3

OK so by not flexible ISA do you mean I have to take all or nothing? And you say EU regulation - we’re not in the EU anymore?

4

UK inherited pretty much all of the EU laws, including antimoney laundering regulations.

Not flexible in this case just means you don’t get your allowance back following a withdrawal

2 Likes
5

Thanks, what allowance?

6

Your ISA allowance.

20 characters

7

Oh, ok no problem thanks.

8

So what about the W-8BEN, I’ve read that it’s automatically generated and also that I need to submit a W-8BEN; which is it? If I have to submit is that before or after a sale / withdrawal?

9

You filled it in when you signed up. It’s automatically generated.

10

OK thats what ~I thought; so I don’t have to do anything regarding this until annual renewal?

11

It’s three years for the 8-Ben

12

Thanks, I’m learning :grin:

14

Limit sells will only trigger if it can get you the price selected or better. Its what you should do to make a safe trade but it can take a while and won’t do anything if the price falls short so choose where to put it carefully.

15

OK thanks, I want to withdraw £30k with as few shares as possible so I am watching if the price is rising and with a Limit Sell in place adjust the number of shares downward at a value just below current to get the best value with as few shares should the price suddenly drop but not have them sell below my price if that makes sense?