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IoM Consults On Initiatives To Attract Skilled Workers, Businesses

by Jason Gorringe, Lowtax.net, London
09 August, 2016

The Isle of Man Government has launched a consultation on ways to generate new jobs and boost tax receipts, particularly by attracting skilled workers and new businesses to the island.

Among the proposals is the removal of barriers to employers bringing financial and professional services staff to the island. The existing exemptions for jobs in e-Business and ICT passed by Tynwald earlier this year would be extended to defined financial and professional services jobs.

A scheme similar to the "Connect Ireland" initiative is proposed. Under the Connect Ireland scheme individuals are rewarded for encouraging foreign companies to set up in Ireland.

It is also proposed to give incentives to local residents who help to attract skilled workers to fill job vacancies of a specified description. This could take the form of a government payment of between GBP100 (USD130) and GBP500 (USD650) for a successful introduction of a new employee by an existing employee in a growing business (or even in another business) if it results in an instance of recruitment from off-island.

Such a scheme could be limited to specific job vacancies, e.g. in target sectors, for example for positions commanding a salary of more than GBP25,000 (USD32,500) and with a focus on skills shortage occupations, e.g. IT, professional, and financial staff.

The closing date for the receipt of comments is September 30, 2016.

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