Isle of Man News - POSTED Wed 20-02-2019

National Insurance holiday to attract people back to Island

by TH

National Insurance holiday to attract people back to Island

More money is being made available to attract people to work on the Isle of Man.

Treasury Minister Alf Cannan announced a National Insurance Holiday Scheme as part of the 2019 Budget yesterday.

It will come into effect this year and will be open to anyone who has not been a tax resident here for five years and who takes up residence and a full-time job.

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.

Enterprise Minister Laurence Skelly says: "This scheme enhances the already compelling reasons to live and work in the Isle of Man.

"We have excellent quality of life, opportunities for career progression and average salaries which are higher than the UK.

"We believe this will be a fantastic incentive for Manx nationals to return home, as well as attracting new workers to our shores."

  

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