TaxPersonal TaxFishermen reel in national insurance cut from taxman

Fishermen reel in national insurance cut from taxman

Class 2 National Insurance contributions for share fishermen are to be cut from £7.20 per week to £2.65 per week from6 April, paymaster general Dawn Primarolo announced today.

According to a Revenue spokesman, share fishermen pay a special rate of Class 2 NICs.

The rates in Great Britain and Northern Ireland will be set by statutory instrument which will amend regulation 98 of the Social Security (Contributions) Regulations 1979 in Great Britain and regulation 96 of the Social Security (Contributions) Regulations (Northern Ireland) 1979 in Northern Ireland.

Share fishermen do not pay the standard rate of Class 2 NICs generally payable by the self-employed.

Instead they pay a special rate which takes into account the fact that, in addition to state retirement pension, widow’s benefits, Incapacity Benefit and Maternity Allowance, they are entitled to claim Jobseeker’s Allowance which is not available to those who pay standard rate Class 2 NICs.

Share fishermen may also pay Class 4 NICs on the taxable profits of their business if these exceed a certain level.

http://www.inlandrevenue.gov.uk

Related Articles

LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

1m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

2m Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

3m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

4m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

5m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

6m Emma Smith, Managing Editor
Industry reaction: Taylor Review does not go far enough in addressing tax issues

Legal Industry reaction: Taylor Review does not go far enough in addressing tax issues

6m Alia Shoaib, Reporter
Does the Taylor Review sufficiently address the gig economy?

Corporate Tax Does the Taylor Review sufficiently address the gig economy?

6m Alia Shoaib, Reporter