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.
The British Film Institute (BFI) is conducting a major strategic consultation on its new strategy to influence its funding, which includes a set of questions around funding for games.
We are encouraging all members to respond, and will be conducting our own research of views via our survey here. We will be gathering feedback and will submit a response on the 8 September.