By introducing this sort of financial boost, the hope is that it will attract more workers over. Eligible residents will apply for a refund on the National Insurance contributions for their first year of living or returning to the Isle of Man with refunds capped at £4,000. Choose An Exciting Career. Kevin Cowley. A wealth of information specifically designed to help Isle of Man residents during Covid-19. Go to site. Tax Partner +44 1624 689689. The island's financial services sector is diverse, with the main activities being banking, life and captive insurance, fund management, trust and fiduciary business, aircraft and ship management, e-gaming and e-commerce. YourLife - Protect Who You Love, Protect What You Love. Isle of Man’s Minister for Enterprise, Laurence Skelly MHK welcomed the news: ‘This scheme enhances the already compelling reasons to live and work in the Isle of Man. Isle of Man News. Love What You Do. Read more. Eligible residents will apply for a refund on the National Insurance contributions for their first year of living or returning to the Isle of Man, with refunds capped at £4,000. ... Isle of Man contacts Isle of Man contacts. Income Tax Bands & Rates. Enterprise Minister Laurence Skelly says: "This scheme enhances the already compelling reasons to live and work in the Isle of Man. The Isle of Man has a thriving manufacturing base; including space industries, precision engineering, bio-med, food and drink and clean tech solutions. Apply now. Any National Insurance costs are taken as a percentage, provided that your salary is above £183 each week, or £9,516 per year. The National Insurance Holiday scheme came into effect in April 2019, and provides a refund on National Insurance contributions paid in the first 12 months of employment. National Insurance Contributions will be taken from your overall income though, unless you have already reached the state pension age. The Isle of Man (IOM) and HMRC have historically operated similar National Insurance contribution (NIC) and Social Security schemes. Find out more. first schedule “ agreement relating to national insurance between the minister of national insurance of the one part and the lieutenant-governor of the isle of man, with the advice and consent of the isle of man board of social services constituted under the isle of man board of social services act, 1948, of the other part article 2 1. Tax Rate 2019/20 Why the Isle of Man needs this National Insurance holiday. If a customer has been advised differently, we … There aren’t enough people of working age on the island to take on all of the jobs that need doing. A HMRC spokesman said: 'Anyone with an Isle of Man National Insurance number can use it in the UK. 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