TIGA, the trade association representing the UK games industry, today commented on yesterday’s Government announcements on Corporate Tax Reform and its commitment to introduce a Patent Box to encourage innovation.
Yesterday’s announcement by the Government confirmed the introduction of a Patent Box in April 2013– a 10% CT rate on profits from patents, designed to create an environment of innovative companies to prosper. The Government also announced a Corporation Tax Road Map and timetable to deliver the reduction in Corporation Tax for large and small businesses with a cut in the main rate from 28% to 24% over the next 4 years and a reduction in the small profits rate from 21% to 20% from April 2011.
Dr. Richard Wilson, TIGA CEO made the following comments:
“TIGA is pleased that the Government is to progress with the Patent Box and we look forward to engaging with the Treasury on our previously announced proposals to reform R&D tax credits.
“Although we welcome the planned reduction in Corporation Tax this will not be sufficient to drive the creative industries forward in general and the video games industry in particular. The fact remains that the only way to drive substantial inward investment into the UK games industry is for the Government to adopt Games Tax Relief. If we really want the UK economy to be open for business the Government needs to be brave enough to look again at our proposals.”
Notes to editors:
Details on yesterday’s Government announcement can be found here: http://www.hm-treasury.gov.uk/corporate_tax_reform.htm.
The Patent Box and R&D tax credits consultations are formally launched for the first time today. Details can be accessed on the following pages: http://www.hm-treasury.gov.uk/consult_randd_tax_credits.htm, http://www.hm-treasury.gov.uk/consult_patent_box.htm.
TIGA is the trade association representing the UK’s games industry. The majority of our members are either independent games developers or in-house publisher owned developers. We also have games publishers, outsourcing companies, technology businesses and universities amongst our membership. TIGA was awarded‘Trade Association of the Year’ and the‘Member Recruitment Award’ at the Trade Association Forum Best Practice Awards 2010. TIGA has also been named as a finalist in the 2010 Chartered Management Institute (CMI) National Management and Leadership Awards in the category of‘The Outstanding Organisation of the Year Award (SME)’.
TIGA's vision is to make the UK the best place in the world to do games business. We focus on three sets of activities: political representation, generating media coverage and developing services that enhance the competitiveness of our members. This means that TIGA members are effectively represented in the corridors of power, their voice is heard in the media and they receive benefits that make a material difference to their businesses, including a reduction in costs and improved commercial opportunities. For further information, please contact Eva Field, TIGA PR Manager on: 07814 039 983, or email email@example.com.