March 9, 2020
TIGA has submitted recommendations to the Chancellor, Rt Hon Rishi Sunak MP, ahead of the March 2020 Budget.
TIGA has called for the Government to introduce a Video Games Investment Fund (VGIF), which would provide smaller developers with the finance to grow and improve productivity. A VGIF would make grants or loans available to games businesses on a matched funding basis, which would in turn provide funding of between £75,000 and £500,000 to games developers nationwide.
TIGA has also recommended that Video Games Tax Relief (VGTR) is retained and improved. Since its introduction in 2014, a total of 480 video games productions have claimed VGTR, accounting for over £1 billion of UK expenditure. TIGA research shows that an increase in the rate of relief to 27.5% or 30% would help support significant growth in the UK games industry, increasing employment, innovation and investment and therefore enabling it to compete on a more level digital playing field with overseas competitors.
Following the UK’s departure from the EU, it is important to ensure that funding and support for the video games industry is maintained and strengthened in the upcoming Budget. To read TIGA’s press release in full, click here.