UK Gaming Industry Advocates for New Tax Incentive to Boost Studio Growth

The UK's game development sector is urging the government to implement a new tax relief initiative, known as Games Growth Relief, aimed at fostering growth and development across the nation. An open letter signed by Ukie, TIGA, and other industry stakeholders, advocates for the introduction of this relief for projects with budgets of up to $20 million, as a targeted measure to drive industry growth. According to the proposal, this initiative would yield a substantial return on investment, create thousands of high-skilled job opportunities, and build upon the government's recently unveiled Creative Industries Sector Plan. The letter emphasizes that this relief would specifically support the scaling-up phase, enabling British studios to evolve into sustainable, globally competitive businesses that will propel the industry forward for years to come. Modelling conducted by Ukie and TIGA suggests that the Games Growth Relief could generate up to £482m in annual GVA for the UK economy, while creating numerous high-quality jobs in communities spanning from Dundee to Brighton, and Guildford to Manchester. Earlier this year, TIGA responded to the UK Chancellor's spending review, welcoming the government's commitment to increasing funding for the creative industries. Additionally, TIGA has been advocating for enhanced tax credits to support the UK gaming sector, particularly through the strengthening of the Video Games Expenditure Credit.