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Significant increase in uptake for Video Games Tax Relief

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According to figures released earlier this month by the British Film Institute (BFI) there has been a significant increase in the number of games qualifying for the Government’s Video Games Tax Relief (VGTR) scheme. VGTR grants additional tax relief to games developers for their production costs, as long as their game meets the criteria of a “Britishness” cultural test administered by the BFI. VGTR was originally introduced in 2014 and is based on the model (and the cultural test) used for tax relief for the British film industry. Industry leaders welcomed the news as evidence of the continued growth of the UK games industry

The figures show that in the 12 months from October 2015 to September 2016 167 games received final certification as meeting the cultural test, and were entitled to tax relief on the development costs incurred in the EU and EEA, totalling £253 million. These costs represented 72% of the total development costs of these games. This compares to only 77 games which received final certification in the 12 months from October 2014 to September 2015. In addition, 170 games received interim certification in the 12 months ending September 2016, compared to 113 in the previous 12 months. (Interim certificates are given to games that are still in development.)

“We believe that many more games developers in the UK may be entitled to VGTR,” said Barrie Dowsett, CEO of Myriad Associates, “but are hesitating to make a claim because they believe the process is too complicated. We are confident that our specialist expertise can help game developers make successful claims for VGTR. Some aspects of game development may also be eligible for R&D Tax Relief, which is also one of our specialist areas.”

About Myriad Associates

Myriad Associates are leading experts in helping businesses maximise public funding for their research and development activities through R&D Grants, R&D Tax Credits, and Video Games Tax Relief (VGTR). If you would like to discuss any aspect of R&D grant funding, R&D tax relief, or VGTR please contact us today for a free, no-obligation consultation. We look forward to hearing from you.

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