Update - France: Updated One-Time Certificate for relief at source process – Standard DTT rate
Note: This Announcement, originally published on 21 May 2025, has been updated to provide clients with additional details. The changes have been highlighted.
Clearstream Banking1 informs clients that effective
immediately
an updated version of the One-Time Certificate for French securities has been published under Tax forms to use – France.
In paragraph “1. Segregated account per beneficial owner”, a distinction has been made between beneficial owners eligible for relief pursuant to the Double taxation treaties (DTT) concluded with France (sections 1.1 and 1.2) and beneficial owners eligible under domestic law (sections 1.3, 1.4, 1.5 and 1.6).
In section 1.1, related to the standard DTT rate, the reference to a specific tax rate has been removed to avoid the need for renewal of the One-Time Certificate should the standard DTT rate change.
Paragraph “2. Omnibus account” was reshaped to include the omnibus accounts used for the holding of securities for several beneficial owners entitled to the same reduced withholding tax rate (2.1) and those used for the holding of securities for several beneficial owners entitled to different reduced withholding tax rates (2.2).
Impact on clients
Clients with a "Segregated account per beneficial owner" (paragraph 1) must renew their One-Time Certificates before 22 November 2025 to maintain their Standing Instruction after this date. Standing Instructions after 22 November will depend on the new OTC box 1 elections.
For clients with Omnibus accounts (paragraph 2), no action is required. The system will automatically convert their existing One-Time Certificates from the current Box 2 and Box 3 designations to the new Box 2.1 or Box 2.2 codes.
Further information
For further information, please contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or your Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.