Don't know about I.O.M. and only one of the Channel Islands! Jersey is not EU though Gurnersey is. Other problem is you need a Jersey resident to be 'registerd keeper' of the vehicle.
But, once registered you can either 1. Keep the Jersey registration, provided the vehicle goes back to the Island for a week or so every year, 2. Tranfer the vehcile to an English registration.:angel: All fully legal! If you are going to permenatly import the vehcile back, you will have to pay V.A.T. so have some recipt that values the vehicle low.