The UK games industry will be benefitting from video game tax relief until at least 2023.
The assistance was granted as exempt from state aid on the grounds of cultural importance by the European Commission. This lasts until March 31st, 2023, and will be welcome news for the country’s games market amid Brexit concerns.
In 2017 to date, 161 games have benefitted from video game tax relief.
“The Video Games Tax Relief has provided a real boost to the UK games sector and the UK’s economy,” Ukie CEO Jo Twist said. “Having confirmation that the VGTR can continue to operate until at least 2023 is fantastic news, providing some much needed confidence to the UK games sector and maintaining a key competitive advantage for British studios.
“Ukie has closely supported the work around the renotification and we very much welcome the UK government’s ongoing support for the sector. We look forward to continuing to representing the sector, calling on government to introduce further measures that will help grow the UK’s games industry, particularly around continued access to highly skilled talent post- Brexit.”
TIGA CEO Richard Wilson added: “Today’s statistics clearly show that the UK video games industry is seeing strong, sustained momentum. We are delighted that VGTR is continuing to be such a success, supporting a gaming sector which is leading the charge in the UK creative industries.
“With the advent of Brexit, it is more important than ever for the UK Government to retain and potentially enhance VGTR, strengthen education and training and enable businesses to continue to recruit highly skilled people from the EU and the rest of the world. This will enable the UK games development sector to remain world leading.”