UK trade association TIGA has claimed Games Tax Relief which was green lit by the European Commission today could deliver around £188 million in extra investment in the games industry over the next five years.
Speaking on the 'victory', which the body notes it has been fighting seven years for, TIGA CEO Dr. Richard Wilson described the EC's move as a "superb decision" that will serve as "magnificent news" for the entire industry.
"Our research has demonstrated tax relief for the UK video game sector will increase employment, drive innovation and secure additional investment in the industry," detailed Wilson.
"Specifically, TIGA's research has shown GTR should create and/or protect 4,661 direct and indirect jobs; encourage approximately £188 million additional investment expenditure by UK studios; generate £172 million in new and protected tax receipts to HM Treasury, and all at a cost of just £96 million over five years."
Wilson went on to suggest that the tax breaks will "help the UK fight its way back to the forefront of video game development."
He continued, "It will also help to further rebalance the UK economy away from an over-reliance on financial services towards a highly skilled, high-tech, R&D intensive and global-export focused industry.
"This victory, the approval of GTR by the EU Commission is the culmination of a relentless and determined seven year campaign which was created and led by TIGA. The Commission is to be congratulated for this excellent decision.
"The UK Government, the EDGF, The All Party Computer and Video Games Industry Group in the Westminster Parliament, the Cross Party Group on Video Games Technology in Holyrood, the Labour Party and the Scottish National Party also all deserve full recognition for their ongoing support for this critical measure.
"TIGA now looks forward to working with other interested parties on the implementation of GTR to ensure UK games developers and the wider economy reap the full benefit of this landmark moment in the history of our industry."