UK games tax relief initiative extended until 2023
The European Commission has extended the UK's video games tax relief initiative until March 31, 2023.
It's good news for devs in the region, and means those creating games in Britain will be able to claim back up to 25 percent of production costs for at least another six years.
Around £119 million in tax relief has been paid out since the initiative was introduced in April 2014, with payouts actually rising by 60 percent last year.
UK trade body UKIE, a longstanding proponent of video games tax relief, has praised the European Commission's decision.
"Having confirmation that video games tax relief can continue to operate until at least 2023 is fantastic news, and we very much welcome the UK government’s ongoing support for the sector," commented UKIE CEO, Dr Jo Twist.
"We look forward to continuing to representing the sector, calling on government to introduce further measures that will help grow the UK’s games industry, particularly around continued access to highly skilled talent post- Brexit."