New figures show great first year for Video Games Tax Relief
The BFI have released today figures on games qualifying for games tax relief in the UK for the first year of tax relief (April 2014 – March 2015).
New BFI figures have revealed how many games have qualified for Video Games Tax Relief in its first year. Since the launch in April 2014, 19 games have received final certification and 48 have received interim certification, for a total of 67 games.
Between them, these games have a total budget of £182.6 million – almost all of which, £173.1 million, is to be spent in the UK or Europe. As the effective rate of relief is roughly 20% of the game’s UK budget, these figures mean that, in the first year alone, the scheme has created roughly £34.6 million of eventual benefit for the UK games industry – it is clearly already having a strong impact.
Ukie CEO Dr Jo Twist commented:
“It’s very encouraging to see such positive figures highlighting the impact of the games tax relief in its first year. Our sector is an economic and cultural powerhouse and we will continue to ensure games companies across the country, big and small, take full advantage of the scheme as well as showcase the ecosystem we now have to international investors. We need to keep up this momentum to create an even better business environment for games companies to thrive and grow.”
The full figures on the first year of tax relief can be found in the BFI release HERE. The EEA/UK spend for games with final certification was £14.4m on a total budget of £15.1m (95.2%), meaning each game had an average EEA/UK spend of £758k. The EEA/UK spend of the games with interim certification was £158.7m, on a total budget of £167.5m (94.8%).