OVERSEAS - BANK/BUILDING SOCIETY INTEREST
As an Isle of Man resident you are required to declare your total worldwide income on this tax return. As a result, you may be declaring income which has already suffered tax elsewhere. Whilst this income must be included in your assessment, you will be able to claim double taxation relief as long as you can provide evidence of the tax paid.
Double taxation relief is designed to ensure that you receive relief for tax already paid overseas. This relief is calculated by comparing the rate of overseas tax paid with the rate of Isle of Man tax due on this income and full details of this calculation can be found in GN5 - Double Taxation Relief.
If you wish to add more than one source of interest, you should enter details of the first and then select the 'Save as Complete' button at the bottom of the screen. You can add further sources using the 'Add Other Income from Overseas' on the Task List.