UK Gaming Industry gets a tax relief in 2010 Budget
The chancellor announced in today's budget that the Government has will adopt TIGA's tax relief plan for UK game developers. This mean that the UK games industry has finally received tax breaks from the government.
The Industry Gaming Association (TIGA) has welcomed the decision of the government to introduce specific tax breaks for the games development sector.
According to the new tax plans, successful games will get to pay less tax on their incomes, while the games which are less popular will get a tax credit.
By this way, they would be able to reduce their losses. New tax plan also revealed that the companies have to pass a cultural test to prove that their work is British and beneficial to the country and must be fallen under UK Corporation Tax. Only the companies, which will fulfill the above requirements, will get the tax benefits.
The Industry Gaming Association (TIGA) has welcomed the decision of the government over the tax relief for the gaming industry.
TIGA said that this decision will benefit the entire UK economy. Dr Richard Wilson, chief executive officer of TIGA, said that this move of the government will allow game designers to take greater risks.
He said that it will also allow the UK development sector to gain strength and become a major global leader.