12:05 ET<\/span>
\n<\/span><\/p>\nTIGA, the trade association which represents the UK games industry has described plans to enhance R&D tax credits as a “decisive victory” for its members.<\/p>\n
The announcement in the budget should be worth around \u00a37 million to the video games industry, a spokesman said.<\/p>\n
It will mean studios can invest more in research and development, as well as hiring additional staff.<\/p>\n
But it falls short of the specific tax relief that the industry wanted.<\/p>\n
Dr Richard Wilson, TIGA chief executive said: “The R&D tax credits will deliver 60% to 70% more value to games studios than the current tax credit regime.”<\/p>\n
But he was unhappy that the government had not gone further.<\/p>\n
“Failure to deliver TIGA’s Games Tax Relief is a dismal decision that displays a complete lack of imagination and one which will leave the UK video games industry swimming against the tide internationally,” he said.<\/p>\n
“Our key competitors have tax breaks for games production. The UK does not,” he said.<\/p>\n
Canada, for example, saw its games industry grow by 33% between 2008 and 2010, while the UK sector declined by 9%.<\/p>\n
Plans by Labour to introduce tax cuts for the games industry were scrapped by the incoming coalition government during its 2010 emergency budget.<\/p>\n<\/p><\/div>\n<\/p>\n
More:
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