UK tax relief decision expected "imminently"
UK Culture, Communications and Creative Industries minister Ed Vaizey believes the European Commission will soon make a decision about local tax credits for the games industry.
Speaking at an industry event today, as reported by Develop, the minister said a decision is expected "very soon".
“We are working very hard to achieve a resolution. I don’t want to say anything until we have a result," he said.
“We are expecting a decision imminently. We do hope that we will hear an announcement very shortly. I do think the tax credit is going to be a vital part of the success of the industry.”
Tax breaks for the UK gams industry were expected to be implemented in 2012, but have since been delayed, pending a decision from the European Commission. TV and animation tax credits were passed much more easily; Vaizey said it's a matter of perception.
"Television and animation tax breaks are seen by the Commission as add-ons to the film tax credits,” he said, commenting that tax credits has largely saved the British animation industry in just six months.
“Tax credits are not just there to support industries, they are there to support British creative industries. Because we are experiencing another industrial revolution in my opinion, we’re experiencing a creative industrial resolution and games are a part of it," the minister added.