Legal Niches

UK Chancellor Osborne to Review Tax Credits in Fall

By james_fudge

UK Chancellor George Osborne announced today that he would review support for the research and development tax credits for the videogame industry this fall. In a letter to Joe Fitzpatrick, MSP for Dundee West, Osborne reiterated his support for tax credits for the game industry, saying that he "recognises that there has been a relative decline in the tax competitiveness of the UK" and that "the UK's R&D tax credit schemes provide an internationally competitive tax regime for R&D activity, providing nearly £800 million of relief and supporting around 7500 innovative companies each year, including companies in the videogames industry."

Osborne said that the government will consult with "business in autumn 2010 to review the taxation of intellectual property, the support R&D tax credits provide for innovation and the proposals of the Dyson review."

Meanwhile, MSP Fitzpatrick said that he will encourage the video game industry to make a stronger case for tax breaks after Osbourne took them out of the budget earlier in the year. Fitzpatrick's Dundee constituency includes Realtime Worlds and Denki. Read More

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Full post as published by GamePolitics.com on July 22, 2010 (boomark / email).