NIM35006 | Special Cases: Share fishermen: Class 4 liability

Regulation 125, Social Security Contributions Regulations 2001 (SI 2001 No. 1004)

Share fishermen may be liable for Class 4 NICs as well as a special rate of Class 2 NICs. For guidance on Class 4 NICs see NIM24000 onwards.

From 6 April 2015 to 5 April 2022

Class 2 NICs liability only arose where the self-employed earner had relevant profits equal to or above the small profits threshold (SPT). This removed the need for the self-employed earner to apply for a small earnings exception (SEE), which is no longer available from 6 April 2015.

From 6 April 2022 to 5 April 2024

Class 2 NICs liability only arises where the self-employed earner has relevant profits exceeding the Lower Profits Threshold (LPT).

From 6 April 2024

The LPT was removed which means that liability to pay Class 2 NICs no longer exists. Where the self-employed earner has relevant profits at or above the SPT, they will be treated as having actually paid Class 2 NICs.