15/01/2024
People who pay Class 2 National Insurance contributions are reminded that they should continue to pay this way for the forthcoming tax year, 6 April 2024 to 5 April 2025.
While the United Kingdom Government announced plans late last year to abolish Class 2 NI, details have yet to be finalised for those living in the Isle of Man.
A decision has therefore been taken by the Treasury to continue collecting Class 2 NI for the foreseeable future and avoid any uncertainty.
People who pay NI this way, usually self-employed individuals, should therefore ensure their direct debit arrangements remain in place at the turn of the financial year.
For further information on National Insurance, contact the Income Tax team by calling 685400 (option 4 then option 3) or email nationalinsurance.itd@gov.im.