The Department for Enterprise has welcomed an announcement today from Treasury Minister, Alf Cannan MHK, which will increase take home pay for new and returning residents.
In his 2019 budget speech, Minister Cannan announced a National Insurance Holiday Scheme which comes into effect this year and aims to attract new working residents to the Island and encourage the return of Manx-educated students and diaspora.
The scheme will be open to anyone who has not been tax resident here for the immediate last five tax years, and who takes up both residence and full time, permanent employment with a gross salary of £21,000 or more, on or after 6th April 2019. 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.
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. 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.’
Support has been further extended for Isle of Man students who successfully complete a full time university degree, higher national diploma or postgraduate course outside the Island on or after the 6th April that return to the Island to live and work. The minimum gross salary is not a requirement for returning students.
Under the new scheme, an individual earning a £30,000 salary will take home £27,450 in their first year of living in the Island – £3,650 more than their UK counterparts. This represents a 15% increase compared with the UK as those earning the same salary would keep £23,800. Average salaries for full time employees are already more than 14% higher in the Isle of Man than the UK.
The announcement follows the launch of the Department for Enterprise’s Locate Isle of Man strategy, which outlines plans for promotion of the Island as a special place to live and work in order to grow the number of economically active residents by 2021.
Minister for Enterprise, Laurence Skelly MHK commented:
‘Increasing the economically active population directly and positively impacts our Island and is a clear policy statement of this administration, as identified in the Programme for Government. The Department for Enterprise has made already made a commitment in the Locate Isle of Man Strategy to ensure our residents always have opportunities to prosper through re-skilling and maximising workforce participation.’
‘With the demand for skills currently outweighing supply, the attraction of additional new workers and encouraging the return of our Manx educated students are also two vital themes of the Locate Strategy. The announcement today by our colleagues in Treasury demonstrates a tangible way in which Government can achieve this. It also establishes excellent cross-Government working relations in order for us to best support the needs of our residents, businesses and economy.’
‘In the past six months, unemployment reached its lowest number since 2003, which has created a great opportunity for us to attract new talent to the Island. We will be looking at ways in which we can promote this initiative to skilled workers across the globe to further demonstrate the benefits of living and working in the Isle of Man.’
Employees who wish to take advantage of the scheme will be charged National Insurance during their first 12 months of employment, and can then apply to the Income Tax Division for a refund of their contributions. To qualify, the employee must remain in employment for a continuous period of at least 12 months.
For more information please visit www.locate.im
Dec 1, 2023
Nov 28, 2023
Nov 9, 2023
Oct 31, 2023
Oct 24, 2023
Oct 23, 2023
Oct 20, 2023
Oct 20, 2023
Oct 16, 2023
Oct 13, 2023
Oct 10, 2023
Oct 10, 2023
Oct 10, 2023
Oct 2, 2023
Oct 2, 2023
Sep 29, 2023
Sep 27, 2023
Sep 14, 2023
Jul 27, 2023
Jul 25, 2023
Jul 24, 2023
Jul 20, 2023
Jul 19, 2023
Jul 18, 2023
Jul 17, 2023
Jul 13, 2023
Jul 4, 2023
Jul 3, 2023
Jul 3, 2023
Jun 30, 2023
Jun 12, 2023
May 24, 2023
May 4, 2023
May 4, 2023
May 4, 2023
May 3, 2023
Apr 19, 2023
Apr 18, 2023
Mar 21, 2023
Mar 17, 2023
Mar 8, 2023
Feb 28, 2023
Feb 14, 2023
Feb 7, 2023
Feb 2, 2023
Jan 24, 2023
Jan 23, 2023
Jan 18, 2023
Jan 13, 2023
Jan 6, 2023
Jan 6, 2023
Jan 4, 2023
Jan 3, 2023
Jan 3, 2023
Dec 22, 2022
Dec 14, 2022
Dec 12, 2022
Dec 7, 2022
Nov 28, 2022
Nov 22, 2022
Nov 22, 2022
Nov 21, 2022
Nov 14, 2022
Nov 8, 2022
Oct 26, 2022
Oct 21, 2022
Oct 17, 2022
Sep 27, 2022
Sep 27, 2022
Sep 22, 2022
Aug 12, 2022
Jul 27, 2022
Jul 21, 2022
Jul 20, 2022
Jul 7, 2022
Jun 30, 2022
Jun 30, 2022
Jun 29, 2022
Jun 28, 2022
Jun 15, 2022
May 19, 2022
May 18, 2022
May 17, 2022
May 13, 2022
May 9, 2022
Apr 28, 2022
Apr 8, 2022
Apr 4, 2022
Mar 28, 2022
Mar 16, 2022
Mar 7, 2022
Mar 1, 2022
Feb 7, 2022
Feb 1, 2022
Jan 21, 2022
Dec 21, 2021
Dec 6, 2021
Nov 9, 2021
Oct 25, 2021
Oct 12, 2021
Oct 12, 2021
Oct 4, 2021
Oct 4, 2021
Oct 4, 2021
Oct 4, 2021
Oct 4, 2021
Aug 31, 2021
Aug 31, 2021
Aug 31, 2021
Aug 10, 2021
Aug 10, 2021
Jul 26, 2021
Jul 15, 2021
Jun 29, 2021
Jun 9, 2021
Jun 2, 2021
Jun 2, 2021
Jun 2, 2021
Jun 2, 2021
Jun 2, 2021
Jun 2, 2021
May 13, 2021
May 13, 2021
May 7, 2021
May 4, 2021
Apr 27, 2021
Apr 27, 2021
Apr 27, 2021
Apr 27, 2021
Apr 22, 2021
Apr 20, 2021
Apr 20, 2021
Apr 1, 2021
Mar 31, 2021
Mar 30, 2021
Mar 29, 2021
Mar 26, 2021
Mar 25, 2021
Mar 10, 2021
Feb 23, 2021
Feb 17, 2021
Feb 12, 2021
Feb 2, 2021
Feb 2, 2021
Feb 2, 2021
Feb 2, 2021
Feb 2, 2021
Feb 2, 2021
Jan 19, 2021
Jan 15, 2021
Jan 15, 2021
Jan 15, 2021
Jan 11, 2021
Dec 23, 2020
Dec 3, 2020
Dec 1, 2020
Dec 1, 2020
Nov 30, 2020
Nov 17, 2020
Nov 5, 2020
Nov 2, 2020
Oct 22, 2020
Oct 22, 2020
Oct 20, 2020
Oct 13, 2020
Oct 7, 2020
Oct 1, 2020
Oct 1, 2020
Sep 30, 2020
Sep 29, 2020
Sep 29, 2020
Sep 29, 2020
Sep 24, 2020
Sep 23, 2020
Sep 23, 2020
Sep 21, 2020
Sep 16, 2020
Sep 16, 2020
Sep 14, 2020
Sep 7, 2020
Aug 24, 2020
Aug 24, 2020
Aug 13, 2020
Aug 13, 2020
Aug 13, 2020
Aug 5, 2020
Aug 4, 2020
Jul 30, 2020
Jul 30, 2020
Jul 30, 2020
Jul 29, 2020
Jul 28, 2020
Jul 27, 2020
Jul 27, 2020
Jul 27, 2020
Jul 24, 2020
Jul 24, 2020
Jul 13, 2020
Jul 13, 2020
Jul 7, 2020
Jun 30, 2020
Jun 29, 2020
Jun 29, 2020
Jun 29, 2020
Jun 25, 2020
Jun 22, 2020
Jun 3, 2020
May 28, 2020
May 28, 2020
May 28, 2020
May 18, 2020
May 18, 2020
May 1, 2020
May 1, 2020
May 1, 2020
May 1, 2020
May 1, 2020
May 1, 2020
May 1, 2020
May 1, 2020
May 1, 2020
May 1, 2020
Apr 17, 2020
Mar 17, 2020
Mar 16, 2020
Mar 13, 2020
Mar 11, 2020
Feb 28, 2020
Feb 28, 2020
Feb 28, 2020
Feb 20, 2020
Feb 20, 2020
Jan 27, 2020
Jan 24, 2020
Jan 24, 2020
Jan 23, 2020
Dec 18, 2019
Dec 17, 2019
Dec 16, 2019
Dec 16, 2019
Dec 16, 2019
Dec 16, 2019
Dec 16, 2019
Dec 16, 2019
Dec 16, 2019
Dec 16, 2019
Dec 16, 2019
Nov 25, 2019
Nov 25, 2019
Nov 25, 2019
Nov 25, 2019
Nov 22, 2019
Nov 14, 2019
Nov 14, 2019
Nov 13, 2019
Nov 13, 2019
Nov 12, 2019
Nov 12, 2019
Nov 12, 2019
Nov 6, 2019
Oct 21, 2019
Oct 21, 2019
Oct 17, 2019
Oct 15, 2019
Oct 15, 2019
Oct 15, 2019
Oct 4, 2019
Oct 4, 2019
Sep 27, 2019
Sep 27, 2019
Sep 27, 2019
Sep 27, 2019
Sep 25, 2019
Sep 19, 2019
Sep 18, 2019
Sep 10, 2019
Aug 30, 2019
Aug 30, 2019
Aug 30, 2019
Aug 29, 2019
Aug 29, 2019
Aug 29, 2019
Aug 29, 2019
Aug 29, 2019
Aug 29, 2019
Aug 29, 2019
Aug 29, 2019
Aug 15, 2019
Aug 2, 2019
Aug 2, 2019
Aug 1, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 12, 2019
Jun 28, 2019
Jun 28, 2019
Jun 27, 2019
Jun 27, 2019
Jun 27, 2019
Jun 27, 2019
Jun 27, 2019
Jun 27, 2019
Jun 27, 2019
Jun 27, 2019
Jun 27, 2019
Jun 27, 2019
Jun 19, 2019
May 31, 2019
May 31, 2019
May 30, 2019
May 30, 2019
May 30, 2019
May 30, 2019
May 30, 2019
May 30, 2019
May 30, 2019
May 30, 2019
May 30, 2019
May 30, 2019
May 30, 2019
May 23, 2019
May 7, 2019
May 1, 2019
May 1, 2019
May 1, 2019
May 1, 2019
May 1, 2019
May 1, 2019
May 1, 2019
May 1, 2019
May 1, 2019
May 1, 2019
May 1, 2019
Mar 29, 2019
Mar 29, 2019
Mar 29, 2019
Mar 29, 2019
Mar 29, 2019
Mar 29, 2019
Mar 20, 2019
Mar 20, 2019
Mar 20, 2019
Mar 20, 2019
Mar 14, 2019
Mar 6, 2019
Feb 25, 2019
Feb 25, 2019
Feb 19, 2019
Feb 19, 2019
Feb 19, 2019
Feb 19, 2019
Feb 15, 2019
Feb 4, 2019
Feb 1, 2019
Feb 1, 2019
Feb 1, 2019
Feb 1, 2019
Jan 24, 2019
Jan 17, 2019
Jan 14, 2019
Jan 11, 2019
Jan 10, 2019
Jan 7, 2019
Dec 17, 2018
Nov 8, 2018
Nov 1, 2018
Oct 30, 2018
Oct 29, 2018
Oct 19, 2018
Oct 19, 2018
Oct 19, 2018
Oct 19, 2018
Oct 19, 2018
Oct 19, 2018
Oct 19, 2018
Oct 19, 2018
Oct 19, 2018
Oct 19, 2018