CHANCELLOR Rishi Sunak has announced a financial aid package for the self-employed to cover the impact of coronavirus.

These are the main points:

  • The Government will pay self-employed people who have been adversely affected by coronavirus a taxable grant worth 80 per cent of their average monthly profits over the last three years, up to £2,500 a month.
  • It is only open to those with trading profits up to £50,000, who make a majority of their income from self-employment. The Chancellor said this was to minimise fraud, and only those already in self-employment who have a tax return for 2019 can apply.
  • Mr Sunak said the initiative would be open for at least three months across the UK, and could be extended if necessary.
  • The Chancellor said the Government was covering the same amount of income as it was for "furloughed employees", who also get a grant worth 80 per cent.
  • Mr Sunak said the UK scheme was "one of the most generous in the world".
  • The Chancellor said recipients would be able to access business interruption loans.
  • Income tax payments due in July can be deferred to the end of January 2021.
  • The Chancellor said the scheme will be available "no later" than the beginning of June.
  • Mr Sunak claimed that 95 per cent of people who are majority self-employed will benefit from this scheme.
  • He said self-employed people would now be able to access Universal Credit in full.
  • The Chancellor suggested self-employed workers could have to accept changes to their tax breaks as a result of receiving state support to help them through the coronavirus outbreak.