– TIGA set to release new guide for video games businesses detailing how they can get the most out of Games Tax Relief (GTR)
– New figures released by BFI show tenfold increase in certified games budgets
– 167 new games received GTR certification between Oct-Sep 2016, with budgets exceeding £350m
TIGA, the independent games association, today releases a new handbook outlining how video games businesses can benefit from Games Tax Relief. The handbook, produced with professional services network Grant Thornton, comes as the latest figures released by the BFI show the sustained benefit GTR has had for the UK economy.
Games Tax Relief, 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 167 new games in the last 12 months alone, with budgets totalling £350.2m, a tenfold increase on the previous year (£33.9m). UK/EEA spend constituted 72% of this total.
In Q1 – Q3 2016 alone, GTR supported the creation of 128 games, up from 77 the previous year, with budgets totalling £158.3m and a UK/EEA spend of £141.2m. UK/EEA spend constituted 89.2% of total budget.
Dr Richard Wilson, CEO at TIGA, said, “Today’s figures from the BFI illustrate the terrific momentum the UK games industry has enjoyed since this vital tax measure was introduced. We’ve witnessed a significant increase in certified budgets and games, a clear sign that the measures are effective in stimulating a vital component of our creative industries. We have developed our tax relief guide to enable as many games businesses as possible to fully benefit from GTR in the years to come, thereby allowing the UK economy to continue to flourish. GTR enables studios with qualifying games to reduce their corporation tax if their game makes a profit, or receive a cash tax credit if their game makes a loss. TIGA wants to see even more studios and games benefiting from GTR.”
Jason Kingsley OBE, Chair of TIGA and co-founder at games developer Rebellion, said, “The games industry is a UK success story to be proud of – famed the world over for the craft, originality and skill on show. What’s more, with VR becoming mainstream for the first time, the UK’s games developers are treading entirely new ground, and Games Tax Relief is playing an invaluable role in buttressing that creativity, enabling developers both big and small to viably explore the limits of their craft. Today’s figures prove that GTR is making a real difference for studios, the industry and the UK.”
For a copy of the TIGA Games Tax Relief Guide, please contact: suzi@tiga.org
ENDS
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Edward Bell / Sophie Banda
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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.