The Video Games Tax Relief has seen almost 46m paid to UK studios over the last two years, HMRC has said.
Just 500,000 were paid to studios during the 2014 – 2015 tax year. However, in the 2015 – 2016 tax year, there was 130 claimants, who together received 45.4m from HMRC.
That’s a total amount of 45.9m.
There were 135 separate claimants – although there were 140 payments made (some studios will have received money in instalments).
According to HMRC, the 135 claims have together supported 417m in UK expenditure.
There have been 515 video games that have applied for tax relief certification. 180 have already received final certification, 255 have received interim certification, with the final 80 receiving no certification. No certification could mean the application is still pending, it failed, it was withdrawn or it was revoked.
Trade body TIGA has used these statistics to suggest the UK Government could offer even more support.
Today’s figures show that Video Games Tax Relief is a key factor behind our industry’s progress and success,” TIGA CEO Dr Richard Wilson said.
Theresa May, our new PM, has spoken about the need for a proper industrial strategy. Creating a favourable tax system which enables the UK to compete effectively, which attracts investment and which creates jobs is a key aspect of an industrial strategy. Video Games Tax Relief is achieving these important goals.”
Jason Kingsley, TIGA chair and Rebellion CEO, added: Video Games Tax Relief is encouraging investment, employment and R&D. In a post Brexit world it will be important to retain and strengthen Video Games Tax Relief in order to attract external investment and to maintain the competitiveness of the sector. Brexit means that the UK can reform and improve Games Tax Relief. TIGA looks forward to working with Ministers and policy makers to make Games Tax Relief even better.”