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UKIE Welcomes New Budget's Benefits For UK Games Biz

UKIE Welcomes New Budget's Benefits For UK Games Biz

March 23, 2011 | By Leigh Alexander

UKIE, the trade body representing game developers, praised the UK government's new budget for supporting small business and encouraging external investments, despite the fact that tax breaks for the game industry were not included.

The new budget increases the R&D tax credit, approximately doubles the number of University Technical Colleges to 23, and introduces measures intended to give businesses better access to funding through changes in investment schemes and other measures.

UKIE has been lobbying the government to consider and support all of these initiatives. It also praises the introduction of a 2 percent corporation tax cut and the creation of 40,000 new apprenticeships, among other changes it says will support the interactive entertainment industry in the UK .

"UKIE welcomes the government's focus on growth, particularly around supporting small businesses and encouraging external investment in the UK," says UKIE director general Michael Rawlinson.

The increase in the R&D tax credit rate to 200 percent starting in April 2011 and to 225 percent in 2012 will help ameliorate the government's decision not to implement the long hoped-for tax break, UKIE says.

The trade body has been making recommendations as outlined in the recent Livingstone-Hope report on how to best serve the UK's industry. Industry watchers believe the UK games industry is suffering from growth challenges and skills shortages due to tax incentives from competing regions, and a lack of government support to help it become more competitive.

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