FINALLY: UK game industry getting tax relief!
After what has felt like forever, British chancellor Alistair Darling has finally revealed that the government will adopt TIGA's tax relief plan for UK game developers, giving them incentives that other media have enjoyed for years. The British government has refused to entertain the idea of videogame tax relief for a long time, but after extensive lobbying from TIGA, the plans have broken through.
Under the new plans, successful games will get to pay less tax on their profits, while less popular titles will be able to reduce their losses with tax credit. For companies to qualify, they will need to be included under the umbrella of UK Corporation Tax, as well as pass a cultural test to prove that their work is British and beneficial to the country.
"Games tax relief will increase employment, investment and innovation in the UK videogames sector," says TIGA CEO Richard Wilson. "Our research shows that games tax relief over a five year period should create or protect 3,550 graduate level jobs, increase or safeguard £457 million in development expenditure and encourage developers to adopt new business models and create new intellectual property."
So, while Alan Titchmarsh and his cronies try to paint videogames as the devil, the British Government awards them with tax credit. Today, friends, is a victorious day for gaming!
Government adopts TIGA's tax relief plan [GI.biz, thanks Wadawoodoo] Setup email comments
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