TIGA welcomes rise in UK studios receiving cultural tax breaks

UK trade body TIGA has welcomed the sharp rise in domestic studios taking advantage of the cultural tax breaks, noting that the 75 games which received either interim or full certification for the easements in Q1 2016 is almost double the 43 of the first quarter of 2015.

The budgets of those 75 titles totals around £173.6 million, marking a budget increase of £37 million year on year, also indicating that more small projects are accessing the funding. TIGA estimates that over the course of five years, the tax break program could create 2,700 new studio jobs, increase investment from games development companies by £320 million, increase tax receipts by £460 million and add £1.11 billion to the UK economy.

"While today's figures demonstrate GTR's continued and greatly-needed boost to the UK games industry, there is still more to be done," said TIGA CEO Richard Wilson. "For instance, increasing the £1 million limit on subcontracting would enable more big game projects to benefit from GTR, while also helping small firms that provide outsourcing work. Increasing the outsourcing limit could also enable smaller games companies involved in the supply chain to build up their skills, talent and capacity."

"The UK games industry has always led the world in terms of originality, creativity and cutting-edge technology, and has a vibrant community of small and independent studios crafting imaginative gaming experiences that are enjoyed all over the world," added Rebellion CEO and TIGA Chair Jason Kingsley. "GTR is enabling studios of all sizes to continue to thrive in one of our country's most exciting areas, both economically and culturally."