UK Game Industry Tax Relief Becomes “Most Generous In The World”

UK tax relief for creative industries will go in full effect starting April 2013, with video games at the forefront, according to UK chancellor George Osborne. £15 million are set aside for tax breaks over the next year, along with £35 million the year after that.

“Following consultation on their design, the government will ensure that the reliefs are among the most generous in the world by offering a payable tax credit for all three reliefs worth 25 per cent of qualifying expenditure,” a treasury statement said. Any developer who fulfills requirements will be able to “choose between an additional deduction at a rate of 100 per cent of enhanceable expenditure or a payable tax credit at a rate of 25 per cent of qualifying losses surrendered”.

Source Games Industry International 

Filed Under: Gaming News, Technology News