£45.9 million given back to UK game developers in last two years

HMRC reports on The Video Games Tax Relief.

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Over the past two years £45.9 million has been paid to UK game studios as part of The Video Games Tax Relief, HMRC have revealed

Between 2014 and 2015 there was £500,000 paid, however, in the next tax year the amount of claimants soared to 130 and the amount paid rose to £45.4 million.

The report from HMRC says that 140 payments were made, with some getting money in instalments, and that these claims have supported £415 million in UK expenditure.

515 games have applied for tax relief certification but only 180 have received approved final ones, with 255 having interim certification and 80 receiving none.

The trade body TIGA have suggested that these are vital to the industry's progression and success and even more support may be needed in the future.

TIGA chair Jason Kingsley said that "Video Games Tax Relief is encouraging investment, employment and R&D. In a post Brexit world it will be important to retain and strengthen Video Games Tax Relief in order to attract external investment and to maintain the competitiveness of the sector. Brexit means that the UK can reform and improve Games Tax Relief. TIGA looks forward to working with Ministers and policy makers to make Games Tax Relief even better".

£45.9 million given back to UK game developers in last two years

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