HM Treasury has made the Social Security (Contributions) (Re-rating) Consequential Amendment Regulations 2026 (S.I. 2026/283), increasing the special Class 2 National Insurance rate for share fishermen from £4.15 to £4.30 per week. The instrument was made on 11 March 2026, laid before Parliament on 13 March 2026, and comes into force on 6 April 2026.
The change is delivered by substituting the figure in regulation 125(c) of the Social Security (Contributions) Regulations 2001 (S.I. 2001/1004). It takes effect immediately after the Social Security (Contributions) (Rates, Limits and Thresholds Amendments, National Insurance Funds Payments and Extension of Veteran’s Relief) Regulations 2026 (S.I. 2026/231), which implement the annual re-rating of National Insurance parameters for 2026–27, including a main Class 2 weekly rate of £3.65 and a Small Profits Threshold of £7,105.
HMRC guidance states that share fishermen-self‑employed crew members remunerated by a share of a vessel’s earnings-use a special Class 2 rate to maintain access to contributory benefits, including Jobseeker’s Allowance, alongside the benefits covered by ordinary Class 2. Where profits meet or exceed the Small Profits Threshold, contributions are treated as paid on filing a tax return; below the threshold, individuals may pay Class 2 voluntarily to protect entitlement.
The financial effect is modest but clear. A rise of 15 pence per week equates to £7.80 over a full 52‑week year, a 3.6% uplift on the 2025–26 rate of £4.15. HMRC’s published rates tables record the special share fishermen rate at £4.15 for 2025–26; S.I. 2026/283 sets the 2026–27 figure at £4.30.
For advisers and skippers using Self Assessment, the updated rate applies from the start of the 2026–27 tax year. Returns for 2026–27 are due by 31 January 2028. Agents should update working papers, adjust accruals in 2026–27 budgets, and confirm decisions on voluntary Class 2 payments for clients with profits below the Small Profits Threshold.
The measure applies across Great Britain and Northern Ireland. It is made under sections 117 of the Social Security Contributions and Benefits Acts 1992 for both jurisdictions, with concurrence by the Secretary of State for Work and Pensions and the Northern Ireland Department for Communities to ensure consistency of application.
Substantive policy is unchanged. The Explanatory Note confirms no Tax Information and Impact Note has been prepared, as the instrument is consequential on the annual re‑rating and does not alter underlying eligibility or structure of National Insurance for share fishermen.
In operational terms, S.I. 2026/283 provides the legal rate for 2026–27. HMRC’s rates material serves as the practical reference for calculations; for 2025–26 it lists £4.15 for share fishermen, with the new statutory figure of £4.30 applying from 6 April 2026.