Gaming industry in UK to benefit from tax relief

Officials from the gaming industry in the UK have expressed delight at the Chancellor’s announcement that tax relief measures for the industry are being brought in.

With the uptake of higher speed broadband having soared in the UK over recent years more and more people have become keen online gamers, enjoying a range of games that have come from the UK industry and have gone on to become global hits. With broadband speeds set to increase over the coming years as a result of proposals put forward by the various political parties there could be a marked increase in the number of online gamers, which could come as good news for the gaming industry.

And this week has seen even more good news for the industry after the Chancellor of the Exchequer, Alistair Darling, made an announcement stating that tax relief measures were being brought in for the gaming industry, which will hopefully boost the UK gaming industry and will help to keep developers in the UK rather than seeing them being poached by gaming sectors in other countries.

It is thought that the tax relief incentive for the UK gaming industry will help the sector to compete with other countries such as France and Canada, where similar incentives are in place. Officials said that the industry was excited by the news of the tax relief, which could be in the region of twenty percent and could help to fund further research and development within the UK.

One official from Tiga, which is the trade body for the computer gaming industry, said that the organisation was delighted by the news. He said: “This will enable the UK games industry to stand and compete with other countries that offer major incentives. For too long we have been competing with one arm tied behind our back and a giant metal ball tied to our ankles.”

Source – Telegraph