Self-employment Income Support Scheme: Greater London

(asked on 29th April 2020) - View Source

Question to the HM Treasury:

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.


Answered by
Jesse Norman Portrait
Jesse Norman
This question was answered on 4th May 2020

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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