UK video game developers can now save up to 25% on production costs thanks to a new tax relief incentive that has been launched this week. To qualify for this new programme, games companies and their titles must adhere to a set of regulations based on cultural content with the aim of producing more 'culturally British video games.' More information on the various points your development company must meet in order to qualify for this tax relief can be found here.
These tax breaks were originally approved back in April after an investigation by the European Commission found that they were required by the gaming market. Since then, applications have rolled in to the BFI who set the tax relief guidelines with the first set of approved companies due to receive their tax credits this week.
“This is fantastic news for the British video game industry,” says Creative England’s Head of Games and Digital, Jaspal Sohal. “Not only will this provide much needed support for the incredible game development talent we have in Britain, but it also reaffirms that video games are culturally and commercially equal to other creative sectors such as film and television.” Minister for Culture and the Digital Economy, Ed Vaizey, added that these tax reliefs, “are pivotal in ensuring we can compete on a global stage.”
For more information about how you can apply for these new tax reliefs, head here.
We're currently accepting applications for GamesLab West Midlands Round 3, offering game studios in the region grants of up to £50,000 to fund their latest project. For more information and to apply, click here.
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