Press Room.
Media sector welcomes chancellor's boost for uk video games
industry but hoped for more
If you are writing on the impact of today's Budget
announcements on the media sector please consider the comments of
Liz Brion, Head of Media Tax at Grant Thornton.
"Today's Budget announcement offering a similar tax relief to
the video games industry as that given to the film industry is a
welcome surprise. This relief will help the UK to compete
internationally and encourage more home-grown video games companies
to develop in the UK.
"The film industry has benefited hugely from film tax relief
which determines how the taxable profits of film-making activities
are calculated and how any losses may be applied. It is encouraging
to finally see the Government acknowledging the video games
industry as a valuable contributor to the UK economy.
"It is disappointing there is no detail on how the scheme will
be implemented. Consultation on the design could take some time,
delaying the benefit to the industry. It is also frustrating that
the video games sector was the only additional area selected to
receive relief. Media sectors such as animation more than deserve a
similar boost and lobbying is underway. The animation industry will
need to prove that it also needs assistance to retain talent in the
UK.
"Some of the general measures announced in today's Budget, such
as the extension of Entrepreneur's Relief, may benefit media
businesses. The media sector is highly acquisitive and the move
will benefit both business owners and shareholders."
ENDS
For further information, please contact:
For further information, please contact: Lisa Ritchie, Grant
Thornton Press Office: 020 7728 2208 or email:
lisa.ritchie@gtuk.com