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SEISS grants: What’s the tax position?

Shared from Tax Insider: SEISS grants: What’s the tax position?
By Iain Rankin, January 2022

Iain Rankin explains the rules on self-employed income support scheme grants, how they are taxed and why they are still causing a degree of confusion among some taxpayers and agents.  

Following its launch in March 2020 as part of the UK government’s response to the Covid-19 pandemic, the self-employed income support scheme (SEISS) has proved a huge success. In total, almost 10 million claims have been made, with a total value of £27 billion. 

Taxation of the SEISS grants 

SEISS income is a revenue receipt in nature, to be brought into account in calculating the profits of the business to which they relate for income tax and Class 4 National Insurance contributions. 

Self-employed taxpayers who have received the first, second and third grant payments from HMRC will need to report these on

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