The third in a series of revised Forms W-8 has been released, in draft form, by the IRS.
The draft Form W-8IMY, Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding, is part of the process of making the W-8 series of forms serve for purposes of compliance with both I.R.C. Chapter 4 (FATCA, the Foreign Account Tax Compliance Act) and I.R.C. Chapter 3 (the Section 1441 nonresident alien withholding-at-source requirements, some amendments to which are part of the proposed Chapter 4 regulations). You can view this new draft of Form W-8IMY at http://www.irs.gov/pub/irs-dft/fw8imy–dft.pdf.
Two other new W-8s were released in draft form by the IRS in June and July. View the draft Form W-8BEN, which will be used for certifications by foreign individuals, at http://www.irs.gov/pub/irs-dft/fw8ben–dft.pdf. View the draft Form W-8BEN-E, which will be used for certifications by foreign entities, at http://www.cokala.com/files/formw8benentityexeccirculation2_DRAFT_06062012.pdf. No “Instructions” have yet been released to accompany the new draft forms.
The new draft Form W-8IMY is 7-page form. In a structure similar to the draft Form W-8BEN-E, the form has separate sections in which the status of the owner of the income is to be specified for I.R.C. Chapter 3 and Chapter 4 purposes. In the section for “Chapter 3 Status” one box only, out of 9 boxes, must be checked. Then the “Chapter 4 Status” section must be completed, with one box checked from a total of 21 boxes (though a box caption implies that in certain circumstances it may be permissible to check more than one box).