A new organisation called The Games Begin has been formed to provide early loans for UK developers against games tax relief.
The initiative is designed to provide studios with the money they would be eligible to claim for earlier than it would normally be transferred. The idea is to ensure developers can invest the money now, rather than later. The firm will also help developers secure games tax relief in the first place.
The scheme has been set up by Goldfinch EIS and SEIS Investments MD Kirsty Bell, who specialises in tax and has also previously worked as a film producer.
Goldfinch will support The Games Begin to help provide financing for the initiative. Accounting firm Nyman Libson Paul, which has experience in dealing with tax and funding in the entertainment sector, will also support the scheme.
“It’s all about getting money to developers quicker,” said The Games Begin’s Kirsty Bell.
“Games Tax Relief could and should be a great trigger for ensuring the continued growth of the UK games scene, but it can be frustrating for developers and studios having to wait till long into the development process before they apply for their tax credit. We think that money would be put to better use if it could be accessed right now and then say used to fund the game in question while it’s still in development, helping to make sure it reaches its full potential, or even put towards funding other business activities.”