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. Isle of Man tax publications. YourLife - Protect Who You Love, Protect What You Love. 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. By introducing this sort of financial boost, the hope is that it will attract more workers over. A HMRC spokesman said: 'Anyone with an Isle of Man National Insurance number can use it in the UK. Income Tax Bands & Rates. Apply now. 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. Enterprise Minister Laurence Skelly says: "This scheme enhances the already compelling reasons to live and work in the Isle of Man. 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. Tax Rate 2019/20 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. Any National Insurance costs are taken as a percentage, provided that your salary is above £183 each week, or £9,516 per year. 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. The Isle of Man has a thriving manufacturing base; including space industries, precision engineering, bio-med, food and drink and clean tech solutions. The Isle of Man, A Financial Centre of Excellence. 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. The Isle of Man (IOM) and HMRC have historically operated similar National Insurance contribution (NIC) and Social Security schemes. A wealth of information specifically designed to help Isle of Man residents during Covid-19. Go to site. Kevin Cowley. Isle of Man News. Read more. Tax Partner +44 1624 689689. 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. 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