TIGA, the trade organisation that has lobbied hard for tax relief in the UK games industry, has welcomed an increase in Research & Development tax credits announced by George Osbourne in today’s budget.
The boost to R&D tax credits mean that for every pound of qualifying expenditure a small or medium sized business spends, it will now receive two pounds of tax deduction (which can be used to reduce corporation tax.)
TIGA CEO Richard Wilson told GamesIndustry that the organisation was “delighted with the changes” and suggested that the improved R&D tax credits could benefit the games industry by around £7 million GBP.
However, the group remained disappointed that the for specific games industry tax relief have not been resurrected.
“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,” Wilson told the BBC.