Newcomers to the island will no longer receive a rebate on their first year’s National Insurance.
However, Manx students who return to the island after graduating from university will continue to be offered the incentive.
The scheme, which started in April 2019 allowed for a one-off refund of National Insurance (Class 1) deducted in the first year, up to a maximum of £4,400.
In his Budget today Dr Alex Allinson announced that it will close to new residents who start work after April 5 2025.
He told Manx.News that the scheme “has been successful in terms of recruiting people, but it has come at a cost”.
Helped
Dr Allinson added: “What it has helped though I think is that a lot of the Manx students who want to relocate back here to get employment and offset some of the costs of doing that, so we’re going to continue it on for Manx students who are coming back to the island.”
That means graduates will still be able to claim back up to £4,000.
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