The BFI has published a major report on the economic impact of the screen sector tax relief incentives, its first since 2015.
The report, entitled 'Screen Business', demonstrates the scale of the UK games industry, as a key part of the screen industries, with overall workforce and development spend significantly incentivised by VGTR, stimulating growth in the UK economy.
Luke Thomas, Plus accounting’s lead accountant and tax advisor has created a series of comprehensive 'gamer guides' to provide an insight into key areas affecting the sector. They provide clear guidance on issues relating to both accounting and tax, together with information on topics relating to the industry i.e. Video Games Tax Relief.
New figures from HMRC published in July 2018, show that for the first time since its inception, over £100m in Video Games Tax Relief was paid out in the financial year 2017-18, with 345 claims receiving a combined total of £105m.
These figures mean that the total amount of VGTR paid out to date has nearly doubled from the previous year to reach £230m over 770 claims.
Number of claims and amount of VGTR paid - April 2015 to March 2018
The European Commission have confirmed that the tax relief for the production of video games in the UK has been re-notified until at least 2023.
Notification is required according to the EU State Aid laws to ensure that any measures introduced to support businesses are not anti-competitive in Member States.
This is fantastic news providing some much-needed confidence to the UK games sector and maintaining a key competitive advantage for UK based studios.
A total of 114 games received final certification in the first half of 2017, an increase of 26% on the same period last year, the latest figures, released today from the BFI show. These games represent an EEA/UK spend of £84m from a total budget of £103m.
The latest figures from HMRC, released this morning, show that £73m in Video Games Tax Relief was paid out relating to 280 claims in 2016/17. This represents a 60% increase in payments from 2015/16 (£45.5m) and a 115% increase in claims (up from 130). These figures bring the total relief paid out since the relief's introduction in April 2014 to £119m, relating to 420 claims.
The Chancellor delivered his Autumn Statement today, one of the occasions each year where the government makes major spending announcements.
Ukie wrote to the Chancellor earlier this month, setting out seven recommendations, centring around the games sector's access to public funding, skills and talent development, and trade and investment.