UK trade bodies call for new “growth” tax relief to scale-up studios “that will drive our industry for years to come”
Modelling by Ukie and TIGA suggests the relief would deliver a return of up to £482m to the UK economy
Game makers in the UK are calling on the British government to support a new tax relief plan, Games Growth Relief, and encourage development across the country.
An open letter signed by Ukie, TIGA, and more, calls for the introduction of a Games Growth Relief for projects up to $20 million (£15m) in a “targeted intervention that directly delivers on this ambition.”
The paper claims the plan would deliver a return of millions of pounds and create “thousands of high-quality jobs,” following on from the government’s recently launched Creative Industries Sector Plan.
“It specifically supports the scale-up phase where our Great British studios transform from promising SME into the sustainable, globally competitive businesses that will drive our industry for generations to come,” the letter says.
“Modelling done by Ukie and TIGA suggests that the introduction of a Games Growth Relief would deliver a return of up to £482m in annual GVA to the UK economy and create 1000’s of high-quality jobs in communities from Dundee to Brighton and Guildford to Manchester.”
Earlier this year, TIGA responded to the spending review outlined by the UK Chancellor of the Exchequer, calling the government’s commitment to increasing funding for the creative industries as “encouraging.” Last month, it also called for stronger tax credit to support the UK games industry by strengthening the Video Games Expenditure Credit.
