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The UK Government’s plans for video game industry tax reliefs are some of the most generous in the world, providing UK video game industry trade association TIGA with great encouragement.
“There are some very encouraging themes in this consultation document,” commented Dr Richard Wilson, CEO of TIGA. “Firstly, the Government wants to ensure that its new reliefs for video games, animation and high end TV production are among the most generous in the world.
“Secondly, the Treasury recognises that the new tax relief needs to support both the traditional, physical video games business model and the new and growing games as a service model. It is excellent that the Government recognises that our industry is competing in a global market for investment and jobs. It is good that the Government wants to introduce a tax relief favourable to different business models and to physical and digital games.”
TIGA estimated that the tax relief will enable the UK games industry to compete on an international scale, securing 4,600 jobs and £188 million in investment over five years.
“The tax relief will be a fantastic boost for the UK video games industry, the creative sectors and the UK economy,” concluded Wilson.
