The UK government announced today it would finally provide tax relief for game developers, which comes as welcome news to the region’s struggling scene. The relief will take the form of £15 million in 2013-14, with £35 million in 2014-15.
“Our research shows that Games Tax Relief should generate and safeguard: 4,661 direct and indirect jobs; £188 million in investment expenditure by studios; increase the games development sector’s contribution to UK gross domestic product by £283 million; generate £172 million in new and protected tax receipts to Her Majesty’s Treasury, and could cost just £96 million over five years,” TIGA CEO Dr. Richard Wilson stated today.
With some luck, the relief will help slow the “brain drain” occurring in the UK games industry following numerous studio closures.
Wilson also said, “Tax breaks for games production will ensure that the UK remains at the forefront of video game development.”
That’s a nice dream, but current tax break champion Canada and many others are ahead of the UK by a mile … er, kilometer.
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UK finally implementing game tax relief originally appeared on Joystiq on Wed, 21 Mar 2012 23:59:00 EST. Please see our terms for use of feeds.
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