The first grant will cover a three-month period from the start of November until the end of January. HMRC will provide a taxable grant covering 20 per cent of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £1,875 in total.
I read that as, 20% of your average monthly income paid x3 to cover the 3 months, and not 6.7% x3 to make up the 20%.
If that makes sense, haha!
I know, they worded it very poorly (as usual), I think they were hoping to get away with the lower figure but move to the higher figure if there is too much outburst. They have already re-worded their statement from the original but it is still open to interpretation and still biases to the lower figure if read analytically.
The statement is for two
separate grants (covering six months), and it states "a
taxable grant covering 20 per cent of
average monthly trading profits". So each grant is 20% of one month's profit, otherwise it should have said 20% of average quarterly profits if it was 20% of three months profit.
The first grant was stated as "80 per cent of monthly trading profits for
three months", the third (and fourth) grants use the word "covering" instead of "for", big difference!
Perhaps 20% per month is the intention but its about time they went back to school on their use of English.