Video games tax credit finally receives state aid approval

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The European Commission has finally given the green light to the proposed UK video games tax credit which will now come into effect from 1 April 2014.

Similar to the existing film and TV tax credits, this new relief will mean games developers could be eligible for a payable tax credit worth up to 25% of qualifying production costs provided certain cultural criteria are met.

It is estimated that around 25% of UK produced games could be eligible for the new tax credit and that it will provide around £35 million a year of much needed financial support to the industry.

 

Topics:  EU, European Commission, Tax Credits, Video Games

Published In: Art, Entertainment & Sports Updates, International Trade Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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