The Treasury has published its Direction which gives a legal basis for the Government’s SEISS.
Some key areas which might clarify the previous guidance issued by HMRC include:
The SEISS payment is 80% of three months earnings, averaged over the last three years, subject to rather complicated calculations;
No credit is given for any earnings actually received by the individual;
The individual needs to have an income profit (before tax) of under £50,000 per year;
The individual only needs to have completed a tax return in one of three relevant years (not limited to completing a tax return for 2018/19) provided they have been trading in the last two financial years and intend to do so for 2020/2021.
Only a trade whose business has been adversely affected by coronavirus can claim (not any self-employed person as per previous guidance).