After the UK Government announced it would raise R&D tax credits by 200 per cent in today’s Budget, games industry trade body Tiga has claimed the ‘decisive victory’ could be worth upwards of $7 million for developers.
The size of the raise is in line with Tiga’s recommendations to the Government one month ago.
This is a decisive victory by TIGA which will benefit not just the UK games industry but also the wider UK economy," said the organisation’s CEO Richard Wilson. "TIGA’s proposals for the R&D tax credits will deliver 60-to-70 per cent more value to games studios than the current R&D tax credit regime.
"This could be worth around 7 million to the UK video games industry. This will enable studios to invest more in R&D, generate and retain new IP, and hire more development staff. Reforming the R&D tax credits along the lines proposed by TIGA will help power our high technology industry forwards."
Wilson also described the lack of games tax releif in today’s budget as a ‘dismall decision’ that: "displays a complete lack of imagination and one which will leave the UK video games industry swimming against the tide internationally."
Story originally published on Develop