The Chancellor of the Exchequer, Kwasi Kwarteng MP, has delivered his Growth Plan. During his Oral Statement to the House of Commons, the Chancellor announced measures to tackle rising energy costs and a series of tax cuts. The Chancellor also said that the planned rise in corporation tax will be cancelled and the cap on bankers’ bonuses will be scrapped.
Other announcements included:
- The basic rate of the income tax cut will be cut to 19 per cent in April 2023, one year earlier than planned.
- The 45 per cent top rate of tax for higher earners will be abolished.
- The rise in National Insurance will be reversed and low-tax investment zones will be set up across the country.
- Stamp Duty will be cut, and the nil rate band will be doubled from £125,000 to £250,000 (the first-time buyer threshold will be raised to £425,000).
Dr Richard Wilson OBE, TIGA CEO, said:
“The video games industry can help drive growth throughout the UK. The sector provides high skilled employment in an export focused sector, with approximately 80 per cent of the workforce based outside of London. We look forward to seeing further details on the planned investment zones aimed at promoting development, investment and job creation.
“TIGA would like to see the Government increase the rate of Video Games Tax Relief from 25% to 32%. This would create nearly 1,500 additional skilled development jobs and over 2,700 additional indirect staff by 2025.
“The Government should also introduce TIGA’s Video Games Investment Fund (VGIF), which would provide pound-for-pound matched funding, up to a maximum of £500,000, for original game projects. The VGIF would create over 1,200 skilled development jobs and indirect jobs by 2025 and increase studios’ investment by £78 million.”
TIGA is the trade association for the UK video games industry. Our vision is to make the UK the best place in the world to develop video games. Our core purpose is to strengthen the games development and digital publishing sector. To this end, we focus on three strategic objectives:
- influencing Government policy via effective political representation;
- enhancing education and skills through our accreditation programme (https://tiga.org/education/tiga-university-accreditation) and TIGA Games Education Awards (https://tiga.org/education-awards); and
- promoting best practice through our membership services, including the TIGA STAR Employer Award (https://tiga.org/star) and the TIGA Games Industry Awards (https://tiga.org/awards).
For more information contact TIGA: