November 1, 2021
TIGA, the trade association representing the video games industry, has welcomed the Government’s plans for education and R&D, and its commitment to support the UK’s world-leading creative industries in the Chancellor’s Autumn 2021 Budget and Spending Review (see item above). However, TIGA renewed its call for an increase in the rate of Video Games Tax Relief from 25% to 32% and the introduction of a Video Games Investment Fund.
Dr Richard Wilson OBE, TIGA CEO, said:
“As the innovative and world-leading UK video games industry depends on a high-skilled workforce, TIGA welcomes measures including investment in educations and increases in the level of R&D spending. To safeguard the future supply of high-skilled workers, Government should also continue funding BTECs and introduce a Skills Investment Fund to help equip people with the skills employers need.
“The expansion of qualifying expenditure in R&D Tax Credits to include data and cloud computing costs is a very positive development and a reform that TIGA has called for, but the Government should also aim to increase the rate of Video Games Tax Relief from 25% to 32%. This would create nearly 1,500 additional skilled development jobs and over 2,700 additional indirect staff by 2025.
“The Government should also introduce TIGA’s Video Games Investment Fund (VGIF), which would provide pound-for-pound matched funding, up to a maximum of £500,000, for original game projects. The VGIF would create over 1,200 skilled development jobs and indirect jobs by 2025 and increase studios’ investment by £78 million”. To read TIGA’s press release in full, click here.