Treasury commissioned report reveals existence of 1,042 tax reliefs
The Office of Tax Simplification (OTS) has today recommended the Film Tax Relief remain in place. They found “the policy rationale remains valid…It is seen as a key factor in supporting the British film industry and, in the absence of the relief, film production in the UK may decline.”” The OTS noted that the cost to the Exchequer of the Film Tax Relief is approximately £110 million per annum and that without it on one estimate the industry could be 75 per cent smaller. The report also revealed that there are currently 1,042 tax reliefs in the UK tax system.
Dr. Richard Wilson, TIGA CEO, commented:
“The OTS has found that the Film Tax Relief is vital in supporting the UK film industry. The arguments, logic and economic rationale from this judgement are equally applicable for Games Tax Relief. In considering these findings, we call on the Treasury to commit to supporting the Games industry through the introduction of Games Tax Relief.””
“We also note that the UK tax system is prevalent with tax reliefs. This gives good cause to believe that HMRC is well qualified to develop and to supervise well targeted, sector specific tax breaks, such as TIGA’s Games Tax Relief.””
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Notes to editors:
About TIGA:
TIGA is the trade association representing the UK’s games industry. The majority of our members are either independent games developers or in-house publisher owned developers. We also have games publishers, outsourcing companies, technology businesses and universities amongst our membership. TIGA was awarded ‘Trade Association of the Year’ and the ‘Member Recruitment Award’ at the Trade Association Forum Best Practice Awards 2010. TIGA has also been named as a finalist in the 2010 Chartered Management Institute (CMI) National Management and Leadership Awards in the category of ‘The Outstanding Organisation of the Year Award (SME)’. TIGA is an Investors in People organisation.
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.
For further information, please contact Dr Richard Wilson, TIGA CEO on 07875939643: or email richard.wilson@tiga.org; or contact David Hodges on 02070911653