TIGA, a UK video games trade body, has released a report on how the UK games industry can survive following the region’s exit from the European Union.
“We must all strive to ensure that the UK survives, revives and thrives outside of the EU. The high technology and creative industries, including the video games sector, can power ahead in a post-BREXIT world – provided that Government takes the right policy decisions and businesses rise to the challenge,” said TIGA CEO Dr. Richard Wilson.
The ten points found in the report are:
- The UK needs a favourable tax environment to encourage businesses to invest in the UK. The Government should consider:
- reducing the rate of corporation tax to 17 per cent in 2017;
- enhancing Video Games Tax Relief and the R&D Tax Relief.
- Access to finance: The UK Government should:
- introduce a Video Games Investment Fund to enable more studios to grow; and
- increase the amount of money that a company can raise via SEIS investment from £150,000 to £200,000.
- Access to talent: The UK Government should:
- ensure that EU workers already working in the UK are protected so that they can continue to work in the UK with the confidence that they are not going to be asked to leave the UK in the future.
- Exports, trade agreements and tariffs: The UK Government should:
- negotiate a trade deal with the EU that to the greatest possible extent avoids quotas, tariffs and other barriers to trade.
- VAT: The UK Government should:
- negotiate an EU wide measure to exempt small businesses from EU VAT regulations.
- Intellectual Property: The UK Government should:
- consider introducing arrangements for the conversion or extension of a EU trademark or registered community design to cover the UK.
- Data Protection: The UK Government should consider:
- adopting the General Data Protection Regulation to ensure that companies based in the UK and doing business in the EU can continue to smoothly transfer information and data.
- Higher Education: The UK Government should:
- make up any short-fall in funding following the UK’s departure from the EU.
- Fiscal policy: The UK Government should consider:
- increasing investment in infrastructure to cushion the UK from the shock of Brexit.
- Skills and Training: The UK Government could consider:
- extending the life of the Skills Investment Fund to maximise investment in skills in the creative industries.
“The UK games sector is a leading player in an industry that is predicted to be worth almost $100 billion by 2018”, said Dr. Richard Wilson, arguing that if the UK does everything in TIGA’s report then the “UK video games industry has everything to play for.”
You can find out more at TIGA’s website.