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