Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he will implement the Directors Income Support Scheme proposal from FSB, Forgotten Ltd and ACCA UK, which would provide a taxable grant calculated at 80 per cent of 3 months average monthly trading profits, paid out in a single instalment and capped at £7,500 in total, to be paid into the company and form part of its taxable profits and mirror the existing framework offered by the Self-Employed Income Support Scheme.

The Government has recognised that taxpayers have faced immense challenges during the COVID-19 pandemic. It has prioritised delivering support to as many people as possible as quickly as possible, while guarding against the risk of fraud or abuse.

The Government always welcomes constructive proposals from stakeholders to improve the design of its COVID-19 business support schemes, including the suggestion for a Directors Income Support Scheme (DISS). This proposal aims to provide a new system to provide support for company directors, based on reported profits. The Government is currently scrutinising the proposal.

In addition, company owner managers could be eligible for existing support schemes including the Coronavirus Job Retention Scheme for the income taken by company owner managers via PAYE, Bounce Back loans, tax deferrals, rental support, increased levels of Universal Credit, mortgage holidays and other business support grants. More information about the full range of business support measures is available at: www.businesssupport.gov.uk/coronavirus-business-support