Tax regime hitting videogames industry investment
Tiga warns that UK is losing out to Canada due to tax breaks
THE UK VIDEOGAMES industry is losing out on investment to Canada due to the countries’ respective tax regimes.
Industry trade association Tiga said that businesses were avoiding UK investment, instead choosing jurisdictions that afford tax breaks.
“Tiga will continue to revise and strengthen its case for games tax relief, enhanced research and development tax credits and a supportive tax environment generally in order to improve the UK’s tax regime,” said Jason Kingsley, Tiga chairman and chief executive officer and creative director at Rebellion.
He continued: “The provision of tax breaks in Canada is also helping to fuel a brain drain of key development staff from the UK. The Entertainment Software Association of Canada acknowledged earlier this year that Canada has been successful in attracting investment and skilled personnel from the UK.”