Government Confirms Importance of Video Games Tax Relief

By March 21, 2018 Press Releases

The Government has today restated that the Video Games Tax Relief (VGTR) has supported almost £700 million of UK expenditure in the industry since its introduction in 2014.

Following a written quest by Justin Tomlinson, Conservative MP for North Swindon, the Government confirmed the impact of the VGTR on the games industry. The Government also used recent TIGA figures to demonstrate that almost 3,000 more people have been employed in the industry since the VGTR’s introduction.

Mel Stride MP, Financial Secretary to the Treasury, stated that creative sector tax reliefs, such as the VGTR, “provide support to ensure that these highly skilled and innovative industries thrive in the UK.”

 TIGA lead the campaign for tax relief for games production and waged a successful seven year campaign for the introduction of Games Tax Relief, which finally came into effect in 2014.

Dr Richard Wilson OBE, Chief Executive Officer of TIGA, said:

 

“The Government’s figures confirm that since its introduction, VTGR has been a resounding success for our industry. TIGA will continue campaigning in order to protect and strengthen

VTGR. VGTR is a great example of how the Government can use the tax system to support businesses.

“TIGA is also recommending the introduction of a Games Investment Fund that would provide pound for pound matched funding, up to a maximum of £500,000, for original game projects.

“The Games Investment Fund would also provide a commercial mentoring business advisory service, staffed by industry veterans, for games companies that access its grants or loans.”

 Video Games: Tax Allowances

HM Treasury

Justin Tomlinson (Conservative) (North Swindon):  To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of video games tax relief on (a) employment and b) investment in the video games sector.

Mel Stride: The creative sector tax reliefs provide support to ensure that these highly skilled and innovative industries thrive in the UK.

Since its introduction in 2014 the Video Games Tax Relief has supported almost £700 million of UK expenditure in the industry.

Although the government does not collect statistics on employment in the video games sector specifically, video games industry body TIGA estimate that in 2016 there were 33,637 employed in the games industry or in jobs indirectly supported by studios, compared to 30,741 in 2014.

About TIGA

TIGA is the network for games developers and digital publishers and the trade association representing the video games industry. Our core purpose is to strengthen the games development and digital publishing sector. We achieve this by campaigning for the industry in the corridors of power, championing the industry in the media and helping our members commercially.

TIGA is intent on building an enduring organisation which continually improves; a business that will make a significant impact on the games industry and so benefit our membership and the wider economy. Since 2010, TIGA has won 24 business awards, an achievement which reflects TIGA’s drive for improvement and to meet best practice.

For more information visit: www.tiga.org

Get in touch:

Tel: 0845 468 2330
Email: info@tiga.org
Web: www.tiga.org
Twitter: www.twitter.com/tigamovement
Facebook: www.facebook.com/TIGAMovement
LinkedIn: http://www.linkedin.com/company/tiga

For further information, you can also contact:

Dr Richard Wilson, TIGA CEO at: richard.wilson@tiga.org

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