The thinking behind the National Insurance holiday is really pretty simple. 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. A HMRC spokesman said: 'Anyone with an Isle of Man National Insurance number can use it in the UK. Enterprise Minister Laurence Skelly says: "This scheme enhances the already compelling reasons to live and work in the Isle of Man. Go to site. The Isle of Man, A Financial Centre of Excellence. Any National Insurance costs are taken as a percentage, provided that your salary is above £183 each week, or £9,516 per year. 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. Read more. Love What You Do. 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. There aren’t enough people of working age on the island to take on all of the jobs that need doing. Income Tax Bands & Rates. If a customer has been advised differently, we … The Isle of Man has a thriving manufacturing base; including space industries, precision engineering, bio-med, food and drink and clean tech solutions. National Insurance Contributions will be taken from your overall income though, unless you have already reached the state pension age. Choose An Exciting Career. The national insurance holiday scheme was introduced in 2019. 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. Tax Rate 2019/20 Isle of Man tax publications. Apply now. 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. Find out more. The Isle of Man (IOM) and HMRC have historically operated similar National Insurance contribution (NIC) and Social Security schemes. Why the Isle of Man needs this National Insurance holiday. Tax Partner +44 1624 689689. ... Isle of Man contacts Isle of Man contacts. By introducing this sort of financial boost, the hope is that it will attract more workers over. Kevin Cowley. 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 News. A wealth of information specifically designed to help Isle of Man residents during Covid-19. 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