Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether it is his policy to increase the rate of video games tax relief to the level proposed by the Independent Game Developers’ Association.
The Government recognises the valuable economic and cultural contribution of the video games industry. The Video Games Tax Relief (VGTR) has supported £5.1 billion of UK expenditure on 1,940 games since its introduction in 2014.
At Spending Review 2021 the government confirmed £8 million for the continuation of the UK Games Fund which provides bespoke support for the UK’s independent video game industry.
The Government regularly receives proposals for changes to tax reliefs. When considering changes, the Government must ensure they provide support to businesses in a fair way and that taxpayer money is effectively targeted. An uplift in the rate of VGTR is not currently under consideration. However, the Government keeps all tax reliefs under review.