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UK Games Body Presses For Tax Relief

by Amanda Banks, Tax-News.com, London

02 June 2010


TIGA has welcomed the new UK Prime Minister, David Cameron’s commitment to rebalance the UK economy and to support knowledge based businesses, including the creative industries.

TIGA made the comments in response to David Cameron’s first major speech as Prime Minister on May 28, 2010, in which he said that the economy had become over reliant on a few industries and on the public sector. However, the trade body urged the new coalition government to carry through policies agreed under the previous Labour government, but not yet introduced, including games tax relief.

“If the coalition government introduces a games tax relief in the Budget on June 22, then the UK video games industry will be able to compete on a more level playing field against our overseas rivals. Our sector will increase employment, expand investment and export more, generating further revenues for the Exchequer," TIGA said.

Jason Kingsley, TIGA Chairman and CEO, and Creative Director of Rebellion, added:

“TIGA welcomes the Government’s commitment to reduce the deficit, keep tax rates and the regulatory burden low, to abolish employers' National Insurance Contributions on the first ten jobs created by new businesses for the next two years and its plans for super-fast broadband.”

“However, the Prime Minister is right to say that economic growth does not merely depend on cutting the deficit and ensuring lower taxes and few regulations. It also involves a government with a modern approach to supporting enterprise, giving business the support they need in order to grow.”

“The UK video games industry is at a critical point. If the coalition government introduces a games tax relief it will not only stimulate growth in a knowledge based, low carbon and export oriented industry, it will also play an important part in rebalancing the UK economy away from financial services and the public sector and towards an entrepreneurial, high technological future. Conversely, if a games tax relief is not introduced, the industry will decline and the opportunity to be a world leader in games development will be lost. We hope that the government will seize the opportunity in the June budget to introduce games tax relief.”

TAGS: tax | business | tax incentives | commerce | budget | United Kingdom | e-commerce | tax breaks

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