Self-employment Income Support Scheme

Treasury written question – answered on 4th May 2020.

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Photo of Stephen Farry Stephen Farry Alliance, North Down

To ask the Chancellor of the Exchequer, whether he has plans to review the £50,000 trading profit threshold for eligibility for the Self-Employed Income Support Scheme.

Photo of Ben Lake Ben Lake Plaid Cymru, Ceredigion

To ask the Chancellor of the Exchequer, if he will publish the evidential basis for his decision to set £50,000 as the threshold for the Self-employed Income Support Scheme.

Photo of Ben Lake Ben Lake Plaid Cymru, Ceredigion

To ask the Chancellor of the Exchequer, what steps he is taking to ensure that dentists are not adversely affected by the £50,000 threshold for the Self-employed Income Support Scheme.

Photo of Stephen Hammond Stephen Hammond Conservative, Wimbledon

To ask the Chancellor of the Exchequer, what plans he has to introduce a London weighting to increase the £50,000 trading profit cap on eligibility for the Self-Employment Income Support Scheme.

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

The new Self-Employment Income Support Scheme (SEISS) will help those adversely affected by COVID-19. Some 95% of people who are mainly self-employed could benefit from this scheme, based on 2017-18 data.

The design of the SEISS, including the £50,000 threshold, means it is targeted at those who need it the most, and who are most reliant on their self-employment income. Those who had more than £50,000 from self-employment profits in 2017-18 had an average total income of more than £200,000.

Those with average trading 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, including the Bounce Back Loans Scheme for small businesses, the Coronavirus Business Interruption Loan Scheme, and the deferral of tax payments.

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