Ukie has created a survey for those working in the gaming industry to have their voices heard regarding the review of the audio-visual tax relief.
This includes the video games tax relief which can be claimed by those working within the sector. The announcement saw a series of proposals that could change aspects of the video game tax relief. These include proposals to remove EEA spending from qualifying expenditures. In addition, the £1m subcontracting cap could see changes and the relief could be changed to a always repayable credit.
The survey will enable developers voices to be heard and a wider range of views can be detailed. By filling out the survey companies can provide information on their business and how these proposed changes could impact them.
UK video games tax relief
The video games tax relief was created back in 2014 and since then a massive 1,640 games have made claims. The government-funded relief grants UK game developers a tax rebate worth up to 20% against the money they spend on design, production, and testing of a new video game title.
The video game tax relief has been a massive success and has helped hundreds of companies get set up. This rebate means that companies that may have struggled to get started have a better chance at getting off the ground and supporting them throughout their future growth.
Ukie notes that the UK games industry contributes £5.26 billion in gross value added for the UK economy. Companies also claimed £197 million through the relief in 2021. The development process of creating video games is not simple or inexpensive. Therefore the tax relief goes a long way in ensuring more projects see successful development.
More people are looking toward working in the gaming industry and with the market growing competitive, the relief fund is particularly useful to those starting out. Ensuring that the industry is backed by tax relief means that the sector can continue to blossom without needing to take on the full costs of production.
Last year Creative England partnered with Ukie to launch the Creative Enterprise Games Programs which supports experienced games companies.
Image credit to Sarah Elizabeth
Paige Cook is a writer with a multi-media background. She has experience covering video games and technology and also has freelance experience in video editing, graphic design, and photography. Paige is a massive fan of the movie industry and loves a good TV show, if she is not watching something interesting then she's probably playing video games or buried in a good book. Her latest addiction is virtual photography and currently spends far too much time taking pretty pictures in games rather than actually finishing them.
