Third SEISS grant to be more generous
3 November 2020: The third Self-employment Income Support Scheme grant will be based on 55% of average trading profits, up from 40%. Claims will open on 30 November.
The third Self-employment Income Support Scheme (SEISS) grant was originally set at 20% of average trading profits, was increased to 40% and on 2 November the government announced that it would be increased again, to 55%.
ICAEW’s Tax Faculty understands that the 55% rate has been derived by upping the rate to 80% for one of the three months which the grant covers. The maximum grant will now be £5,160.
HMRC has now confirmed that the claims portal will open on 30 November 2020 rather than 14 December 2020 as previously indicated. HMRC’s factsheet will be updated shortly.
The level of the fourth grant has not yet been announced. The eligibility criteria remain unchanged with no extension to those that were previously excluded.
For more information on the SEISS, including details of the eligibility criteria, visit ICAEW’s dedicated page: Guidance on Self-employment Income Support Scheme.