Financial Institutions - Section 78
The Assessor has introduced a new prescribed format for Section 78 reporting for Isle of Man financial institutions that are required to report details of interest paid to Isle of Man residents which will be effective with respect to 2017/18.
The preferred format for reporting is XML. However, an option to report in Excel is also available.
Those wishing to extract their data straight to XML can use the new Section 78 XSD schema file, available to download from this page.
Those preferring to use Excel can do so by inputting data into the Section 78 Excel template under the specific headings. This is also available to download from this page. No other form of Excel submission is allowable.
The fields found in the Excel template have been mapped to the Section 78 schema. Therefore, once it has been completed it can be easily extracted to XML using the ‘Export’ function within the ‘Developer’ tab in Excel.
The Assessor’s preferred submission method is the Information Providers’ Online Service, which is already used for CRS, CbCR and FATCA reporting. However, financial institutions that do not wish to submit online can continue to use the previously accepted methods which include encrypted pen drive or secure email.
The due date for reporting is 30 September each year in relation to any interest payments made during the preceding tax year.