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Speaking at the Develop:Brighton Conference last week (July 2015), Culture Minister Ed Vaizey revealed some key statistics about Video Games Tax Relief and discussed its impact upon the games industry:
“In its first 12 months, 67 games were certified as qualifying for the tax relief and between them these games have a total budget of over £180 million – almost all of which is to be spent in the UK or Europe,” the minister said, “And new applications have really been flooding in over the last couple of months”.
Whilst the number of games that have qualified for Video Games Tax Relief in year one is relatively low, it is encouraging that the number of applications has increased over the last couple of months. The Culture Minister added that the “Government must also ensure that the tax relief is re-notified by Europe in 2017 and keep working hard to make sure the industry understands and uses it”.
The British Film Institute (BFI) has released updated figures for Video Games Tax Relief, which shows that 89 games have received certification during the first six months of 2015. Of the 89 games, 49 games have received interim certification, representing a UK spend of £260m and a budget of £314m and 40 games have received final certification, with a total budget of £32m.
As the leading experts in tax relief for UK game developers, Myriad Associates have worked closely with our clients and the wider games industry to promote and facilitate access to Video Games Tax Relief and R&D Tax Relief for game developers.
These figures show that the number of applications is steadily increasing, but also the value of Video Games Tax Relief to the UK’s game development industry.
Introduced on 1st April 2014, Video Games Tax Relief or UK Games Tax Relief is a government scheme that invites UK game developers to apply to HMRC for generous tax relief, which allows companies to claim back up to 25% of their development costs.
To be eligible for Video Games Tax Relief, your company must be responsible for the majority of the planning, design, development, testing and production of a video game. If two or more companies are working on the same game, only one may claim for Video Games Tax Relief, and it is therefore, important to establish which company is the Video Games Development Company (VGDC) that will be making the claim.
To qualify for Video Games Tax Relief, video games must be certified as British by means of a cultural test administered by BFI, the British Film Institute. The test looks at the cultural content of the game, its cultural contribution, its cultural hubs, and its cultural practitioners.
As the leading expert in tax relief for UK game developers, Myriad Associates is your best choice for supporting an application for Video Games Tax Relief.
Myriad Associates complete the entire Video Games Tax Relief claim on your behalf, guiding you through the BFI’s cultural test and identifying all eligible expenditure. Working with Myriad ensures that you obtain maximum Video Games Tax Relief available to your company.
We have more information on the Video Games Tax Relief section of our website.