Save up to 25 per cent on your production costs as video games tax credits come into force this week
UK video games developers can finally claim that long-awaited tax relief as the British government brings the financial incentive into force.
As of yesterday – August 19th, 2014 – studios can now claim up to 25 per cent off their production costs, providing their title and company meet the new cultural regulations, according to an official Government website.
This cultural test ensures that the new tax relief will be used to support the production of "culturally British games", as judged by the BFI.
UK tax breaks were finally approved back in April after the European Commission insisted on investigating whether or not the market required them. Since then the BFI has received a number of applications, and the first wave of approved titles will receive their tax credits this week.
Approved studios and projects include Big Pixel Studios' Mega Coin Squad (pictured), Blazing Griffin's Dino Tribes, PW Studio's MazeCraft, Pixel Bomb Games' Beyond Flesh & Blood and Boxface Games' Spacepants.
"The government is committed to supporting the creative industries, which make a valuable cultural and economic contribution to the UK," said David Gauke, financial secretary to the Treasury. "From this week, companies will be able to really benefit from the tax relief we have introduced, enabling the UK to continue to be a world-class producer of video games."