Self-employment Income Support Scheme

Treasury written question – answered on 29th April 2020.

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Photo of Sarah Olney Sarah Olney Liberal Democrat Spokesperson (International Trade), Liberal Democrat Spokesperson (Business, Energy and Industrial Strategy)

To ask the Chancellor of the Exchequer, if he will remove the requirement to make annual profits of less than £50,000 for the Self-Employed Income Support Scheme.

Photo of Jesse Norman Jesse Norman The Financial Secretary to the Treasury

Some 95% of people who receive the majority of their income from self-employment could be eligible to benefit from the Self-Employment Income Support Scheme (SEISS). The scheme, including the £50,000 threshold, is designed to ensure it is targeted at those who need it the most, and who are most reliant on their self-employment income.

Those with average profits above £50,000 could still benefit from other support. Individuals may have access to a range of grants and loans depending on their circumstances. The SEISS supplements the significant support already announced for UK businesses, including the Coronavirus Business Interruption Loan Scheme and the deferral of tax payments. More information about the full range of business support measures is available at www.businesssupport.gov.uk/coronavirus-business-support/.

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