UK Conservative Party launches website explaining video games industry tax breaks

The UK's Tories have created a page branching off the group's official website detailing the implementation of upcoming tax breaks for the country's video games industry.

According to the group's website, tax relief for video game companies will go into effect on April 1. The website states that the relief will give a financial boost to "an already-thriving industry" and "help level the playing field" against other countries already offering breaks for their own video game sectors.

All qualifying UK development costs will be eligible for relief, which can be worth up to 25 percent of a company's total qualifying expenditure.

"The UK already has a competitive advantage through its homegrown talent but these reliefs will help ensure that Britain remains at the forefront of games design," reads the site.

The Conservative Party says the relief will also ease the financial risk of creating new games, allow studios to widen its staff and make it easier for developers fresh out of university to start new companies. Game companies will have to test themselves against a culture test in order to determine what areas of work are eligible for tax relief.

"Similar tax breaks have already been introduced for the film industry and have attracted big filmmakers to produce in the UK when they could have gone elsewhere," reads a sidebar explaining the importance of providing relief for the UK's game industry. "These tax breaks recognize that games are as important as film and television in contributing to the country's cultural and economic output and are integral to the UK's future business growth."

Read These Next

Latest Discussions

X
Log In Sign Up

forgot?
Log In Sign Up

Forgot password?

We'll email you a reset link.

If you signed up using a 3rd party account like Facebook or Twitter, please login with it instead.

Forgot password?

Try another email?

Almost done,

Spinner

Authenticating

Great!

Choose an available username to complete sign up.

In order to provide our users with a better overall experience, we ask for more information from Facebook when using it to login so that we can learn more about our audience and provide you with the best possible experience. We do not store specific user data and the sharing of it is not required to login with Facebook.

tracking_pixel_5353_tracker