TIGA offers a guide for UK studios.
August 8, 2024
[This unedited press release is made available courtesy of Game Developer and its partnership with notable game PR-related resource Games Press]
TIGA :
8th August 2024
FOR IMMEDIATE RELEASE: TIGA, the trade association representing the UK’s video games industry, has published a new, concise guide for studios navigating the new Video Games Expenditure Credit.
TIGA successfully campaigned for the introduction of Video Games Tax Relief in 2014. Since then, Video Games Tax Relief (VGTR) has supported growth, inward investment, and job creation in the UK video games industry.
As part of the Spring Budget 2023, the Government announced that VGTR would be phased out and replaced with the Video Games Expenditure Credit (VGEC). TIGA engaged with the Government during 2023 concerning VGEC and further details about the Credit were announced in the Autumn Statement in 2023. The VGEC has been available for companies to claim from 1 January 2024. Although the new credit is slightly more generous than the existing VGTR, there are some other important differences which studios and games businesses need to be aware of.
With that in mind, TIGA has published a Guide for studios, created in conjunction with Andrew McMillan, Tax Partner at independent UK-wide accountancy firm Johnston Carmichael. The Guide covers a range of issues, including:
The difference between VGTR and VGEC.
How to benefit from the Credit.
The relief available in respect of the game under development.
The time limit for making a claim.
The qualifying criteria for games under each scheme.
The applicability of VGTR and VGEC.
Subcontracting, outsourcing and VGEC.
Territorial restrictions.
Connected party costs.
Dr Richard Wilson OBE, CEO of TIGA, said:
“Video Games Tax Relief (VGTR) is incredibly valuable to UK games studios. VGTR has enabled our studios to compete on a more equal footing with games development companies in other territories and the Relief has powered economic growth in our sector. VGEC will continue to drive growth in the UK video games industry. However, there are important differences between VGTR and VGEC, which is why we have worked with Johnston Carmichael to create this invaluable Guide. We are grateful to Andrew McMillan, Tax Partner at Johnston Carmichael, for working with TIGA to produce this Guide to the new VGEC.”
To download a free copy of the Guide, click here.
Johnston Carmichael is an independent UK wide accountancy firm with approximately 1,000 people specialising in areas including business advisory, tax, audit, corporate financial and consulting. The firm specialises in a number of key sectors including Games and Games Technology, with clients spanning innovative start up studios to large AAA, and a strong associated network. Johnston Carmichael has a proven track record of establishing long and productive relationships with clients and, in many instances, acting through the entire company lifecycle from start up to exit.
TIGA
TIGA is the trade association for the UK video games industry. TIGA’s vision is to make the UK the best place in the world to develop video games. To this end, TIGA:
engages with policymakers to create an environment favourable to video games development;
enhances education and skills through our accreditation programme, the TIGA Games Education Awards and our education conference;
promotes best practice through our membership services, including the TIGA STAR Employer Award and the TIGA Games Industry Awards;
conducts primary research into the games sector, surveying hundreds of companies each year about the business environment, support policies and the health of the industry.
Get in touch:
Tel: 0845 468 2330
Email: [email protected]
Web: www.tiga.org
Twitter: www.twitter.com/tigamovement
Facebook: www.facebook.com/TIGAMovement
LinkedIn: http://www.linkedin.com/company/tiga
Stuart O'Brien
Director, Mimram Media Ltd
PR, Marketing & Events
+44 (0)7732 114 067
www.mimrammedia.com
You May Also Like
.png?width=300&auto=webp&quality=80&disable=upscale)