Two years ago George Osborne dismissed games industry tax relief but in a surprising announcement today, it seems there has been a U-turn in his decision.
Videogame trade body TIGA have long campaigned for tax relief in the industry and have expressed its importance on many occasions. Canada, the USA, France and Singapore are just a few of the countries that have benefited from tax credits for games production. They have therefore appealed more strongly to investors and jobs seekers leaving the UK industry following behind.
Our CTO, Toby Moore is just one of those pleased to hear about the news. “We’re thrilled to hear about the forthcoming tax breaks for the UK gaming industry” he says. “The move will help smaller companies get off the ground and enable bigger studios to compete for top talent. Tax incentives will help keep local talent here in the UK when competing against other countries who’ve had a much more enticing offering to date. The Government’s recognition of the UK’s tech and creative industries and their potential to produce world class games is a promising step forward in fostering technology, innovation and creativity in the UK economy.”
George Osborne has said that the UK games development industry would help to turn Britain into Europe’s technology centre.
Toby continues, “It’s a great start but much more will need to be done to boost the economy and to really hold the UK up against countries with far greater incentives.”