Asked by: Lord Crathorne (Conservative - Excepted Hereditary)
Question to the HM Treasury:
To ask His Majesty's Government whether land that has been taken out of agricultural production for an environmental scheme or project will be eligible for (1) Agricultural Property Relief, or (2) equivalent relief.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
The availability of relief is a question of fact and degree to be decided upon the particular facts of each case. Land that has been taken out of agricultural production over an extended period for an environmental scheme or project is unlikely to qualify for agricultural property relief from inheritance tax. However, owner-occupiers may continue to benefit from business property relief if the land is still used in the business and the overall business is not one of wholly or mainly making or holding investments.
Asked by: Lord Crathorne (Conservative - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty's Government what assessment they have made of the ability of self-employed artists to access COVID-19 financial support schemes.
Answered by Lord Agnew of Oulton
The new Self-Employment Income Support Scheme (SEISS) will help those with lost trading profits due to COVID-19. The new scheme will allow eligible individuals to claim a taxable grant worth 80% of their trading profits up to a maximum of £2,500 per month for 3 months. This may be extended if needed. Self-employed individuals, including members of partnerships, are eligible if they have submitted their Income Tax Self Assessment tax return for the tax year 2018-19, continued to trade, and have lost trading/partnership trading profits due to COVID-19. To qualify, their self-employed trading profits must be less than £50,000, with more than half of their income from self-employment. Some 95% of people who are mainly self-employed could benefit from this scheme.
More information about the SEISS, including the eligibility criteria and how to claim, is available on GOV.UK.
The SEISS supplements the other significant support announced for individuals and businesses, including the Government’s relaxation of the earnings rules (known as the Minimum Income Floor) in Universal Credit, the Bounce Back Loans Scheme for small businesses, the Coronavirus Business Interruption Loan Scheme, and the deferral of tax payments. More information about the full range of business support measures is available on GOV.UK.
Asked by: Lord Crathorne (Conservative - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty's Government what plans they have, if any, to provide quickly accessible grants and loans to (1) artists, and (2) self-employed people working in the creative industries, during the COVID-19 pandemic.
Answered by Lord Agnew of Oulton
The government has made a wide variety of economic support available to help businesses and self-employed people across the economy, including artists and self-employed people working in the creative industries. This includes:
- The Self-employment Income Support Scheme which will allow self-employed people to claim a taxable grant worth 80% of their trading profits up to a maximum of £2,500 a month. This is initially available for 3 months, but may be extended;
- Bounce Back loans of up to £50,000, 100% guaranteed by the Government. These will be interest-free for the first 12 months. Businesses can apply online through a short and simple form;
- The Coronavirus Business Interruption Loan Scheme for larger financing requirements;
- The option to defer VAT payments;
- Small Business Grants of £10,000 which will be paid to any property in receipt of Small Business Rates Relief or Rural Rates Relief.
Asked by: Lord Crathorne (Conservative - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty's Government what plans they have, if any, to extend the (1) Coronavirus Job Retention Scheme, and (2) Self-employment Income Support Scheme, to artists and others in the creative industries who rely on a mixture of self-employed income and zero-hours or fixed-term contracts.
Answered by Lord Agnew of Oulton
It is possible for individuals to benefit from both the Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme (SEISS) if they meet the individual criteria for both. For the CJRS, this will depend on furloughing decisions by the employer. Furloughed employees must have been employed on 19 March 2020 and on their employer’s PAYE payroll on or before 19 March 2020, and can be on any type of employment contract, including: full-time employees, part-time employees, agency, fixed-term, flexible or zero hour contracts.
For the SEISS, it will depend on whether an individual has at least 50% of their total income from trading profits in either 2018/19, or an average of the (up to) three years between 2016/17 and 2018/19. Further details can be found on GOV.UK guidance.