Choose An Exciting Career. Isle of Man tax publications. Read more. A wealth of information specifically designed to help Isle of Man residents during Covid-19. 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. YourLife - Protect Who You Love, Protect What You Love. A HMRC spokesman said: 'Anyone with an Isle of Man National Insurance number can use it in the UK. If a customer has been advised differently, we … The national insurance holiday scheme was introduced in 2019. There aren’t enough people of working age on the island to take on all of the jobs that need doing. 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. Love What You Do. 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. The Isle of Man has a thriving manufacturing base; including space industries, precision engineering, bio-med, food and drink and clean tech solutions. A scheme that offers a tax break to people moving to the Isle of Man (IOM) for work will be renewed in the next financial year, Treasury minister Alfred Cannan announced when presenting the 2020-21 budget. Any National Insurance costs are taken as a percentage, provided that your salary is above £183 each week, or £9,516 per year. Tax Partner +44 1624 689689. National Insurance Contributions will be taken from your overall income though, unless you have already reached the state pension age. Kevin Cowley. Income Tax Bands & Rates. Why the Isle of Man needs this National Insurance holiday. An assessment showing the final tax and national insurance liability is issued after the end of the year, and any balance owing is due on 6 January following the end of the year of assessment. The Isle of Man (IOM) and HMRC have historically operated similar National Insurance contribution (NIC) and Social Security schemes. Find out more. The Isle of Man, A Financial Centre of Excellence. Enterprise Minister Laurence Skelly says: "This scheme enhances the already compelling reasons to live and work in the Isle of Man. Go to site. 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. By introducing this sort of financial boost, the hope is that it will attract more workers over. 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