PARLIAMENTARY WRITTEN QUESTION
Self-employment Income Support Scheme (11 May 2020)

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of increasing the £50,000 of trading profits upper limit for eligibility to qualify for the Self-Employment Income Support Scheme.

Asked by:
Fleur Anderson (Labour)

The Self-Employment Income Support Scheme, including the £50,000 threshold, is designed to target those who most need support, and who are most reliant on their self-employment income. The self-employed are a very diverse group. They have a wide mix of turnover and profits, with monthly and annual variations, even in normal times. Some may see their profits unaffected by the current situation, while others have substantial alternative forms of income: for example, those who had more than £50,000 from self-employment profits in 2017-18 had an average total income of more than £200,000. The self-employed can also offset losses against profits in other years and other forms of 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, and the SEISS supplements the significant support already announced for UK businesses, including the Bounce Back Loan Scheme for small businesses, the Coronavirus Business Interruption Loan Scheme, and the deferral of tax payments.

Answered by:
Jesse Norman (Conservative)
18 May 2020