2017 VGTR news
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Video Games Tax Relief News
Against a backdrop of tough macro-economic environment conditions, MMP Tax is pleased by the announcements made today by the Chancellor of the Exchequer, Philip Hammond, expressing the continuation of critical support for innovation, research and development.
The Chancellor stated that he was listening to the voice of business, and that he had reviewed, with business, the R&D tax credit regime and had concluded that in his opinion, it is globally competitive.He went on to say, ”to make the UK even more attractive for R&D we have accepted industry calls for areduction in administrative burdens around the scheme and will shortly bring forward measures to deliver them”.
There was no mention of any changes to the Patent Box regime, Video Games Tax Relief (“VGTR”) or Animation Tax Reliefs (“ATR”) in this budget. Whilst unquestionably helping all types of businesses, thecontinued reduction of Corporation Tax means that the incentives provided to encourage small companiesdeveloping video games and animation as well as smaller R&D projects; are, by virtue of the way the taxreliefs are calculated, become less generous than they were at introduction.
Having just got agreement from the EU that VGTR is to be extended timewise, MMP was looking to government to redress the balance of the loss in generosity of this important tax incentive.Download the full release here.
MMP is pleased with the news that Video Games Tax Relief has been successfully re-notified to the European Commission
VGTR is a notifiable state aid under EU rules, under the prevention of inter-state competition within the EU. The re-notification extends the State aid clearance of the relief from April 2018 through to April 2023.
One potential positive aspect of leaving the EU is that the tax incentive rules may no longer be bound by EU legislation. Therefore it may be possible for the government to offer more generous technology tax incentives in the future, which MMP would encourage
Tax incentives are very much a part of the developed world’s tax landscape. These are not EU directives and as such are not impacted by the UK’s status in the EU. Indeed, Australia, the US and Canada introduced tax incentives for research and development long before the UK.Download the full release here.
TIGA announced MMP Tax as category winner as ‘best tax firm’ for assisting members in claiming Video Games Tax Relief, Animation Tax Relief and R&D Tax Relief
TIGA, the network for games developers and digital publishers and the trade association representing the video games industry, today announced the winners of the 2017 TIGA Games Industry Awards following their biggest ever awards ceremony held on 2nd November at The V&A Museum in London. The TIGA Awards ceremony celebrates the best in games, business and education in the video games industry
TIGA’s Chief Executive Officer, Dr Richard Wilson presented the award for Best Tax Team to Director of MMP, David Marshall, and Account Director at MMP, Andy Wales.
The award for best tax team recognises excellence in tax work, sound business processes and outstanding commercial results for gaming industry companies.Read More
MMP Tax the specialist technology tax advisor; has been short-listed by TIGA, the trade body for the Video Games development community, for their award for best tax advice firm.
The short listing recognises the contribution that MMP has made in assisting members of TIGA to claim Video Games Tax Relief (VGTR), Animation Tax Relief (ATR) and R&D Tax Relief (R&DTR).
MMP, the specialist technology tax consultant, works with development studios, to ensure that their members gain maximum value from the schemes. MMP’s experience in assisting with the submission of eligible games to the British Film Institute’s cultural test, coupled with their long standing experience of working with HMRC on technology tax reliefs, enables quick and straightforward approval of clients’ VGTR claims.Read More
See more technology tax relief news by MMP Tax