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26 March 2020

Rishi Sunak announces measures to support self-employed people, the 'Self-Employed Income Support Scheme'

Introduced by

HM Treasury

Targeted at

Self-employed people (UK wide)

Timings

Announced on 26 March 2020 for 3 months initially, 'could be extended if necessary'

Stated aims

To support self-employed workers who were not eligible for the employees support set out in previous measures

Summary

This is Chancellor Rishi Sunak's announcement of a Self-Employed Income Support Scheme that will give a taxable grant worth 80% of a self-employed person's average monthly profits (averaged over 3 years), up to a maximum of £2,500 a month. Grants should be accessible from the beginning of June and backdated. The scheme is open to anyone with an income up to £50,000 and who makes the majority of their income from self employment. Those who have just set themselves up and do not have a tax return for 2019 are excluded. The government expects 95% of the self employed 'will benefit from this scheme'. Self-employed people can also apply for Universal Credit and business interruption loans and defer tax payments until January 2021.

Source(s)

Gov.uk news story