Those taking up employment in the Isle of Man could be up to £4,000 better off in their first year of work, which further enhances the already compelling reasons to consider relocating to the Isle of Man.
The National Insurance Holiday scheme will come into effect from April 2019, and will provide a refund on National Insurance contributions paid in the first 12 months of employment.
The scheme will be open to anyone who has not been tax resident in the Island for the immediate last five years, and who moves to the Isle of Man to live and work on any role with a gross salary of £21,000 or more. Eligible employees will pay National insurance contributions during their first 12 months of employment and can then apply for a lump sum refund from the Income Tax division, capped at £4,000 per person.
To qualify, the employee must remain in employment for a continuous period of at least 12 months.
Also eligible for the scheme are Isle of Man students looking to return to the Island, however the support is extended even further in this circumstance, as there is no minimum gross salary required. The National Insurance refund will be available for those who have successfully completed a full time university degree, higher national diploma or postgraduate course outside the Island on or after the 6th April and come back to the Island to live and work.
The scheme helps to promotes the excellent quality of life and rewarding structure of living and working in the Isle of Man, which includes accelerated opportunities for career progression and average salaries which are significantly higher than the UK.
It was also announced in the 2019 Isle of Man Budget that there is an increase on the tax free personal allowance of £14,000.
The new calculations mean that an individual relocating to the Isle of Man and earning a gross salary of £30,000 will take home £27,450 in their first year of working, which is 15% more than someone in the UK on the same salary, who would take home £23,800.
A buoyant economy has created huge opportunity for skilled workers and graduates in the Isle of Man, with hundreds of current vacancies right now. The Isle of Man offers a stunning Island setting, with miles of unspoilt beaches, short commute times and a financially rewarding economy for you and your family. It is one of the safest communities in Europe, but is also home to a well connected global business centre meaning you no longer need to choose between career progression and quality of life.
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