Games industry organisation TIGA is to ask the UK government to provide further financial aid for developers in next month’s Budget.
Chief among the trade body’s proposals for the March 2016 Budget is the provision of a ‘Creative Content Fund’, which will provide studios with match-funding loans of up to £200,000.
This would be financed by either the National Lottery of Grant-in-Aid money from the government and regulated by the BFI, Innovate UK, Creative England or UK Games Talent and Finance CIC, it added.
Joining the suggestion is a request for the removal of limits on Video Game Tax Relief for subcontracting, which is currently capped at £1 million.
Similarly, TIGA advised that maximum SEIS investment should be raised from £150,000 to £200,000 a year, in line with rising development budgets.
“Ensuring that the industry is able to build on its progress in recent years is vital and I believe that the introduction of a Creative Content Fund would have a positive impact in this respect,” said Chris White MP, who is chair of the All Party Parliamentary Group for Video Games in the Westminster parliament.
“A carefully constructed Creative Content Fund would improve developers’ access to finance, stimulate original IP generation, assist in the retention of IP by developers and promote studio growth,” added TIGA CEO Dr Richard Wilson.
“It would enhance the independence and commercial viability of games developers and strengthen the UK video games industry. The matched funding criteria would help to drive investment and job growth.”