Generous tax reliefs for the UK video games sector have been approved and are now available.
The Video Games Tax Relief will provide support for the growing video games sector in the UK. There are currently around 500 games development studios in the UK, employing around 9000 staff. In 2013, sales of video games in the UK totalled £2.19 billion.
It is estimated that the Video Games Tax Relief will provide around £35 million of support a year to the sector.
The relief enables companies to be eligible for a payable tax credit worth 25% of qualifying production costs, and builds on the successful model of the Film Tax Relief which can be claimed on production expenditure in the UK, and the new High-End TV and Animation Tax Reliefs.
The Video Games Tax Relief will benefit a highly skilled, high-tech, R&D intensive and global export focused industry.
Chancellor George Osbourne said "This relief is one of the most generous in the world and will help them to grow, creating new jobs for hardworking people."
Bambridge Accountants specialise in advising on tax reliefs for the creative industries. We can advise on the Video Games Tax Relief, together with Research and Development Tax Relief and the Seed Enterprise Investment Scheme.