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 starting your career in the Isle of Man.
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.
Eligible graduates and young professionals 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.
Isle of Man students looking to return to the Island are able to apply for the National Insurance Holiday which provides a lump sum, with 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.
For those relocating to the Isle of Man, the scheme is 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.
Claiming your National Insurance contributions is simple.
There is no need to register to take advantage of the National Insurance holiday scheme ahead of time.
A person who meets the requirements of the scheme will be able to apply for a refund of their Class 1 National Insurance Contributions they pay as an employee during the first 12 months of their permanent employment in the Isle of Man. The application should be made after the end of the 12 months to which the claim applies (but no later than six months after that date) using form R247 which will be made available from this website.
The Income Tax Division will review the application, request supporting documents if necessary and issue the refund directly.