UK Games Tax Relief
George Osborne, MP and Chancellor of the Exchequer and Second Lord of the Treasury of the United Kingdom, didn’t include announcement of a games production tax credit in his latest budget, which UKIE said is “very frustrating” of UK developers.
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UK Chancellor George Osborne and Culture minister Ed Vaizey have said that the EU Commission’s investigation into a UK games tax relief will not deter the incentive from being applied.
The European Commission believes there is “no obvious market failure” in the UK games sector to provide tax relief to developers, and has opened an in-depth investigation into the proposed scheme backed by the industry and trade groups.
TIGA has announced that while tax relief in the UK has been delayed, the Government is still planning to legislate for Games Tax Relief in the current Finance Bill.
The British Film Institute will take responsibility for administering the cultural test required for game makers to secure tax relief.
The UK government has released a list of criteria game developers will need to meet in order qualify for tax relief, via a cultural test attached to a legislation draft submitted today.
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