UK games industry tax breaks to be set at 25 percent
George Osborne, British Chancellor has announced some details of the forthcoming tax relief plans for the UK games industry.
The Treasury will set the amount of tax relief at 25 percent of the qualifying expenditure on a given development project that is as long as it meets the cultural criteria set down by the UK Government.
The statement explained, "Following consultation on their design, the Government will ensure that the reliefs are among the most generous in the world by offering a payable tax credit for all three reliefs worth 25 per cent of qualifying expenditure."
It continues, "Under these reliefs, qualifying companies will be able to choose between an additional deduction at a rate of 100 per cent of enhanceable expenditure or a payable tax credit at a rate of 25 per cent of qualifying losses surrendered."
This is very good news indeed for UK games development. Full details of the UK games industry tax relief will be announced by the Department for Culture, Media and Sport on December the 11th.
Thanks Develop Online.