Chancellor George Osborne

Tax breaks finally on the way to the UK games industry

Speaking during today’s budget, UK chancellor George Osbourne has acknowledged needed change to  “support our brilliant video games and animations industries.

This means a long awaited tax relief will be received by UK based industries in the sector – details of which are as yet unconfirmed.

The chancellor went on to call the UK “Europe’s technology centre,” and joked these changes were needed to “keep Wallace & Gromit exactly where they are.

Speaking to Games Industry, the CEO of UK trade association TIGA,  Richard Wilson, has labeled the move as “terrific.”

Tax relief for the video games sector will increase employment, innovation and investment in the UK video games industry,” he comments.

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 GDP by £283 million; generate £172 million in new and protected tax receipts to HM Treasury, and could cost just £96 million over five years. Tax breaks for games production will ensure that the UK remains at the forefront of video game development. It will also help to rebalance the UK economy away from an over-reliance on financial services towards a high skill, R&D intensive and export focused industry.”

Games Industry has many more comments from many industry stalwarts.