TIGA, the trade association representing the UK games industry, said today that just as the film tax credit had been successful in promoting a sustainable British film industry, so a Games Tax Relief would provide a powerful boost to the UK video games industry. TIGA made the comments in response to new figures showing that in 2008-09, over £100 million of support has been provided for the production of 170 UK films.
Richard Wilson, CEO of TIGA, said:
“If it is right to provide tax relief for the UK film industry then it is right to invest in the UK video games development sector. The video games industry is an export oriented, highly innovative, knowledge based sector and is set to become the Hollywood of the 21st Century. With the right Government support, the UK video games industry can be a world leader.
“TIGA’s proposed Games Tax Relief, modelled on the UK’s film tax relief, would stimulate growth in employment, new game development, innovation, investment, and encourage more British studios to sell directly to consumers. The Games Tax Relief is expected over 5 years to create 1,400 new jobs in the studio sector, increasing investment by games studios by £146 million, direct and indirect annual tax revenues by £13 million and GDP contribution by £323 million. By year 5, for every £100 of investment by government in the Games Tax Relief, the industry will invest £176. Just as film tax relief has been positive for the UK, so TIGA’s Games Tax Relief is an investment that would be repaid many times over if enacted.
“With financial services and traditional manufacturing in difficulty, now is the time for the Government to invest in the creative industries with potential for growth in the future. TIGA looks forward to hearing the Government’s response to our proposal for Games Tax Relief.””
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About TIGA
TIGA is the trade association representing the UK games industry. The majority of our members are either independent games developers or in-house publisher owned developers. We also have outsourcing companies, technology businesses and universities amongst our membership.
TIGA’s vision is to make the UK the best place in the world to do games business. We focus on three sets of activities: political representation, generating media coverage and developing services that enhance the competitiveness of our members. This means that TIGA members are effectively represented in the corridors of power, their voice is heard in the media and they receive benefits that make a material difference to their businesses, including a reduction in costs and improved commercial opportunities. www.tiga.org
For further information about Tiga, please contact: Eva Field, Tiga PR Manager on: 07814 039 983, email eva@tiga.org