UK games tax relief may be announced this week

UK games tax relief may be announced this week
Craig Chapple

By Craig Chapple

March 17th 2014 at 11:05AM

European Commission said to have given the greenlight for tax breaks

UK games tax relief could finally be confirmed this week after a year of being trapped in limbo.

A source closed to the Department for Culture, Media and Sport has told MCV the announcement could happen as early as Wednesday during the Budget speech.

It is believed meetings have already taken place with game industry execs on the matter to prepare for tax breaks.

The news comes after UK minister for Culture, Communications and the Creative Industries Ed Vaizey recently teased an announcement one way or the other is expected "imminently".

Tax relief was expected to have gone through on April 1st last year, but was held up by the European Commission after it suggested there was "no obvious market failure".

Any announcement would represent the culmination of a long campaign by UK trade bodies TIGA and UKIE and other UK developers to have the industry recognised for its contributions to the UK and help it compete with countries such as Canada which offers generous tax relief for its studios.