Belated tax breaks announcement due this week?

Belated tax breaks announcement due this week?
James Batchelor

By James Batchelor

March 24th 2014 at 10:24AM

The Evening Standard claims tax relief will finally be confirmed by the weekend

Developers throughout the UK were frustrated by the lack of news of tax breaks during last week's Budget, but apparently the announcement is closer to hand than we thought.

The Evening Standard, as spotted by MCV, reports that the European Commission – which delayed tax relief in the UK last April – has now approved the incentive scheme. A formal announcement is due to be make by the middle of this week, according to the newspaper.

UK devs have been frequently teased with the long-awaited news of video games tax breaks over the last few weeks. Culture Minister Ed Vaizey told the industry an announcement was "imminent", with reports emerging early last week that it would be included in the Budget. But it was not to be.

UK games tax relief was first announced in the 2012 Budget and was expected to be implement on April 1st last year, but it was blocked by the European Commission when it questioned whether or not the UK games market is in dire need of it.

Trade body TIGA claims that employment fell by seven per cent between 2008 and 2012, and that two-fifths of these jobs were relocated abroad to countries that already offer tax relief.

No doubt many UK devs await this week's alleged announcement with bated breath.