Dear Client,
According to the 1997 Irish Tax Consolidation Act, IBKR is required to withhold 20% tax on interest payments to individuals regardless of resident status.
For this reason, IBKR has withheld this amount for your current monthly interest earnings in account , as well as those on interest earned since January 1, 2022. You will start to see this withholding as of October 5, 2022. Going forward, withholding will occur every month.
We apologize for the inconvenience in 2022.