After strong 2013 incentives are now expected to generate and safeguard £450m worth of investment expenditure by UK studios
Games tax relief will create and protect 10,300 direct and indirect jobs, more than double than previously expected, according to TIGA.
A report from the industry trade body claims that over the next five years the recently approved incentives will also generate and safeguard £450m worth of investment expenditure by UK studios.
The figures are well up from the previously anticipated creation and protection of 4,661 jobs and £188 additional investment expected following the subsidies coming into force.
TIGA also believes that, based on industry growth in 2013, tax relief will also generate £490m in new and protected tax receipts to HM treasury. This will however increase costs to £129m to HMRC.
The news comes as other countries and regions have cut down their levels of game investment. Australia lost its Interactive Games Fund, the Nordic Game Program ended and Quebec had its own tax relief scheme slashed from 37.5 per cent to 24 per cent.
Speaking to Develop, TIGA CEO Richard Wilson said it was unlikely the UK would lose its own incentives for at least four years.
"The UK's Games Tax Relief has been harmonised with those of other UK creative sector tax reliefs, including film, TV and animation, at 25 per cent,” he said.
“This rate of Relief is designed to stimulate the production of culturally British video games and is highly unlikely to change for at least four years. The UK is therefore a highly attractive place to do games business: we have skilled developers, creative studios and a stable investment environment. This is a great time for the UK games industry."
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