UK trade association TIGA has long campaigned for the Government to level the global playing field by allowing tax relief for the games sector.
Now in place, the body claims its initial forecasts have changed and changed for the better. TIGA is reporting that even bigger and better results are on the horizon.
Making Games in the UK Today
As such, TIGA's annual report on the state of the UK videogame industry - Making Games in the UK Today: June 2014 - has just been released and anticipates a growth in investment and job creation.
“Games Tax Relief will make an even bigger bang than expected," says TIGA CEO Dr. Richard Wilson. "TIGA’s new research shows that Games Tax Relief will be good for jobs, good for investment and good for the UK economy. With the sector returning to growth, Games Tax Relief’s impact on employment, investment and contribution to GDP will be enhanced."
The new research prodives revised esitmates on the impact of the UK's new Games Tax Relief initiative, indicating the creation and protection of 10,300 direct and indirect jobs, £450 million investment expenditure by UK studios, and generation of £490 million in new and protected tax receipts to HM treasury at a cost of £129 million to HMRC over the next five years.
Games Tax Relief’s impact on employment, investment and contribution to GDP will be enhanced.Dr. Richard Wilson
“These revised figures are welcome and important news for the UK games industry," adds TIGA chairman and creative director of Rebellion Jason Kingsley. "Games Tax Relief is now set to lead to an upsurge in investment in the games industry, resulting in more jobs and more culturally British games being developed."
A Q&A on GTR
To assist the UK development and publishing arena to take full advantage of the Games Tax Relief, a series of free workshops and talks are scheduled around the country that aim to help industry members make their claims.
“This is great news for the UK games industry and for the wider economy," Kingsley continues. "Now it is up to developers and digital publishers to demonstrate what these figures look like in action in the form of new games and new jobs and to drive our high technology and creative industry to new heights of achievement."