UK Chancellor George Osborne has in today’s budget promised increased tax credit support for the games industry.
Later details revealed that 4m will be provided over four years in the form of a Prototype Fund, along with a further 4m for the Skills Investment Fund. Games industry tax relief was finally introduced last year.
The measures announced today for the games sector will help make the UK the best place in the world to make and sell games,” UKIE CEO Jo Twist said. It’s fantastic to see the Chancellor bring back the Prototype Fund, as UKIE called for in our letters to the Chancellor before the Autumn Statement as well as this year’s Budget. It made a real difference in helping over 70 companies to get their first game made when it ran from 2010 to 2014.
This will have a real impact in maximising the effectiveness of Video Games Tax Relief, by giving more people with great ideas for games the chance to get established as a company, start building their portfolio, and make the best possible offer to potential investors. This will have a significant multiplier effect, which is why we have been calling so strongly for it.
We are also delighted to see this government keep up the support for skills development in the games industry that this government wisely put in place. We called for the extension of the Skills Investment Fund to support the increasing demand for skills as a result of more development in the UK, in our Manifesto and in our letters to the Chancellor.”