NIM35006 - Special Cases: Share fishermen: Class 4 liability
Regulation 125, Social Security聽 Contributions聽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聽see NIM24000 辞苍飞补谤诲蝉.听
From 6 April 2015 to 5 April 2022
Class 2 NICs liability only arose聽where the self-employed earner had聽relevant profits equal to or above the small profits threshold (SPT).聽This removed聽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聽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.