The trade bodies for the UK games industry have responded favourably to the Government’s planned tax breaks for the nation’s games sector. I reported in a news article yesterday that the UK government has announced tax breaks for the UK but not only that it has also invested into training programs aimed at the gaming industry.
Games companies will receive up to 25 per cent in production tax relief, Chancellor George Osborne announced this afternoon. UKIE is pleased with this move, although it pushed for a 30 per cent rate of relief. TIGA was somewhat more optimistic and believe the government aid will help the UK reclaim its position in the global games industry.
Jo Twist (CEO of UKIE) said: “This first detail of the tax relief seems a positive step for our members and the wider industry. Whilst we called for a 30 per cent rate of relief for the scheme, Ukie was nonetheless pleased to see the rate set at 25 per cent, giving the games sector parity with other UK creative industries."
TIGA CEO Dr Richard Wilson commented: “Tax breaks for games production will ensure that the UK remains a world leader in the high technology video games development industry. A single 25 per cent level of relief will be simple to administer and economically impactful. Yet we will have to monitor the actions of our competitors: the province of Quebec in Canada already boasts a 37.5 per cent level of tax relief.”
I for one welcome this move from the UK government and hope to see more gaming studios popping up in the UK like back in the 80s and 90s