- 100 new games claimed VGTR in 2017-2018 according to new figures released by HMRC
- Tax relief has supported the creation of 480 games since inception
London – 19 July, 2018 – TIGA, the independent games association, today calls for further investment and support in light of new figures from HMRC regarding its Video Games Tax Relief (VGTR), launched in 2014. The latest figures demonstrate that games companies of all sizes are applying for VGTR, with 60 per cent of claims being for £50,000 or less.
In light of the figures, TIGA is calling for improved access to finance, protecting the provision of the best global talent in gaming to work in the UK, and consideration for further investment in VGTR.
VGTR, which effectively reduces of the cost of games development, was first implemented in April 2014 after a lengthy campaign led by TIGA. It has supported the creation of 480 video games, accounting for £1bn of UK expenditure.
Dr Richard Wilson OBE, CEO at TIGA, said, “The video games industry has proved broadly resilient to the wider economic turbulence of Brexit and uncertainties around trade tariffs. Yet this doesn’t mean we can take our eyes off the prize of the UK becoming the leading place in the world to make video games.
“We have a way to go and – as ever – more can be done. We must improve developers’ access to finance by introducing a Video Games Investment Fund. This would provide £ for £ match funding up to £500,000. We must also enable games businesses’ ability to recruit highly skilled workers from overseas post-Brexit. The Government should also look to build on the great initial success of Video Games Tax Relief (VGTR) by examining the case for increasing the level of the relief beyond its current limit to 27.5% or even 30% of games production costs. We also need to ensure that VGTR helps, supports and strengthens small developers as well as benefiting larger studios and attracting overseas investment.
“The UK games industry has a bright future, but only if we remain steadfast in our commitment to ensuring it – and thus the UK economy as whole – prospers.”
Media Enquiries:
Edward Bell
Propeller
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edward.bell@propellergroup.com
About TIGA:
TIGA is the non-profit trade association representing the UK’s games industry. Its members include independent games developers, in-house publisher-owned developers, outsourcing companies, technology businesses and universities
TIGA’s vision is to make the UK the best place in the world to do games business. It does this through Government lobbying and maintaining a voice in the corridors of power at both the Westminster and Scottish parliament.