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1 May, 2020 Open access

Government issues Treasury Direction setting out the legal framework for the coronavirus Self-Employment Income Support Scheme

Made under provisions in the Coronavirus Act 2020, the new Direction requires HMRC to be responsible for the payment and management of amounts to be paid under the Scheme

The government has issued a Treasury Direction setting out the legal framework for the coronavirus Self-Employment Income Support Scheme.

NB - announced by the Chancellor on 26 March 2020 in response to the COVID-19 outbreak, the scheme will be available from the beginning of June 2020 and will provide people with a taxable HMRC grant of 80 per cent of their average monthly profit over the last 3 years, up to £2,500 a month.

Made under section 71 and section 76 of the Coronavirus Act 2020, the new Direction -

'... sets out that HMRC are responsible for the payment and management of amounts to be paid under the Self-Employment Income Support Scheme, as set out in the Schedule to the Direction.'

For more information, see Treasury Direction made under Sections 71 and 76 of the Coronavirus Act 2020 from gov.uk