Chancellor George Osborne has promised tax reliefs for the UK video game industry will be “among the most generous in the world”.
Speaking of the industry in his autumn statement, and reported by GI International, Osborne said the the Government will “ensure” the benefits will be generous by “offering a payable tax credit for all three reliefs worth 25% of qualifying expenditure.”
Corporation tax reliefs will go into effect from April 13 for the creative sector, offering firms the ability to “choose between an additional deduction at a rate of 100% of enhanceable expenditure or a payable tax credit at a rate of 25% of qualifying losses surrendered.”
Tax breaks will be introduced in April 2013, and with a relief schedule of £15 million divvied out in 2013-14, and £35 million in 2014-15.
Osborne also promised support for Creative Skillset’s Skills Investment Fund over the next two years, in which the governement will match industry contributions of up to £6 million.