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article imageTax break for the video games industry in the UK

By Tim Sandle     Mar 21, 2012 in Technology
London - The UK government, in setting the 2012-2013 financial budget, has announced that it intends to extend a tax break to the British video games industry. Although details are not fully developed, the video game industry welcomes the news.
The UK government budget for 2012 has included a tax break for the video games industry, the gaming site VG24/7 reports. The government announced that from April 2013 corporation tax relief for the video games, animation and high-end television industries would be introduced.
According to the BBC, this is something which the video games industry had been lobbying for some time.
Although the headline grabbing announcement has been made, according to The Guardian the plans are a little sketchy:
"Details of the new tax break scheme remain sketchy, with Osborne only announcing an intention to proceed, subject to obtaining state-aid approval from the European Commission and a consultation."
The details notwithstanding, The Independent quotes Richard Wilson of the video games industry trade body TIGA as stating:
"This is a brilliant decision by the government and terrific news for the UK video games industry. It is also a decisive victory won by Tiga through audacity, determination and endurance."
With UK's main high street seller of video games, called Game, likely to collapse with 6,000 jobs lost, this news is most likely welcomed by the video games industry.
More about Video games, Tax, corporation tax, Budget
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