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press release
Statistics are provided on the number of productions claiming tax relief, the amounts of expenditure, the number of tax relief applications and amounts claimed, and the number of claims according to the size of the claim. The data provides information on the tax credits of the creative industries for film, high-end television, animation, video games, children’s television, theatre, orchestra and exhibitions of museums and galleries.
Key findings include that in the year ending March 2022, a total of £1.05 billion was paid out to all creative industries tax credits. £197 million in Video Games Tax Relief (VGTR) was paid in response to 330 claims, representing 580 games. The amount of the allowance has increased by 4% compared to the previous year.
In the year ending March 2022, the majority of claims are for smaller amounts, with 49% of all claims being £50,000 or less; these claims are only responsible for 1% of the total amount paid out. Claims over £500,000 represent 88% of the total amount paid out. This share is comparable to last year.
Since VGTR was introduced in 2014, companies have made claims for 1,940 games, with UK spending of £5.1 billion. A total of £830 million has been paid since the launch of VGTR.
Research published by TIGA shows that since 2014, the workforce in the UK video game development sector has grown by an average of 9.9 percent per year. According to Newzoo’s 2021 Global Games Market Report, the global video games market is predicted to be worth £178.7 billion by 2024.
The statistics can be read in full here.
dr. Richard Wilson OBE, CEO of TIGA, said:
“Tax relief for video games encourages investment and highly skilled employment in the video game industry in the UK. The government should aim to increase the rate of the tax credit for video games from 25% to 32%. This would help the UK capture a larger share of the global video game development market and create nearly 1,500 additional skilled development jobs and more than 2,700 additional indirect staff by 2025.”
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