Massive growth predicted the for UK games industry after the government announces tax breaks for the games industry.

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Chancellor George Osborne has today pledged to introduce a tax credit scheme for the UK video games industry. Simon Gardner, CEO of leading game developer Climax Studios, predicts massive growth of the UK game development industry as a result of this initiative.

UK Chancellor George Osborne has today pledged to introduce a tax credit scheme for the video games industry.

Speaking shortly after the announcement by the UK government, Simon Gardner, CEO of leading video game development company, Climax enthused:

"This decision by the Government is really great news for the UK video games industry. It represents a victory for all those in the industry that have lobbied and fought over several years to win tax concessions. Several other countries - including Canada, Australia, France and Germany - have provided generous tax breaks to their games developers for years now and this uneven playing field has done great damage to the UK industry.

"This decision will benefit not just the UK game development sector but also the wider UK economy as it is expected to bring in more tax revenues than in costs and create many new and well paid jobs. The tax credit scheme for the video games industry will increase employment and investment in video game production in the UK industry.”

TIGA (the trade association which represents UK game developers) has undertaken research that shows this initiative will generate around 5,000 direct and indirect jobs, up to £200 million in investment by studios, increase the games development sector’s contribution to UK GDP by nearly £300M and generate around £172 million in new tax receipts. Tax breaks for games development will help the UK industry to remain at the cutting edge and help to rebalance the UK economy. ”

About Climax Studios:
Climax Studios is a vibrant, creative development studio which specialises in making character action games, although we have a rich heritage in all genres in our 23 year history. We have over 150 development staff on site across all disciplines. We are currently developing games on PS3, XB360, very high performance PC, Vita, browser PC and iOS. In addition we have published titles on PSN and XBLA.

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