To ask the Chancellor of the Exchequer, what plans he has to support limited company directors who take a large part of their income in dividends and do not qualify for the Self-Employment Income Support Scheme.
13 July 2020
Self-employed individuals, including members of partnerships, are eligible for the Self Employment Income Support Scheme (SEISS) if they have submitted their Income Tax Self Assessment tax return for the tax year 2018-19, continued to trade, and have been adversely affected by COVID-19. To qualify, their self-employed trading profits must be no more than £50,000 and at least equal to their non-trading income.
Individuals who are not eligible for the SEISS may benefit from other elements of the unprecedented financial support provided by the Government. This package includes Bounce Back loans, tax deferrals, rental support,?mortgage holidays, and other business support grants. On 8 July, the Government introduced the new Plan for Jobs which will make available up to £30 billion to assist in creating, supporting and protecting jobs.