UK Video Game Tax Relief Cancelled 106
Stoobalou writes "UK game developers have just been dealt a financial blow by Chancellor George Osborne in his first budget, which sees the coalition government scrapping the video game tax relief plans promised by Labour. In his speech today, Osborne simply said the 'planned tax relief for the video games industry will be cancelled.' According to the government's budget report, the cancellation of video game tax relief will save the government £40 million in the 2011-2012 financial year, and a further £50 million in each subsequent year."
Not that bad for indie devs, at least (Score:5, Informative)
And the other half of the story... (Score:5, Informative)
The economy is bankrupting the UK. Fark puts it succinctly: "Facing a massive budget deficit, the UK to cut welfare, increase the VAT to 20 percent, and impose a new tax on anyone who brings one of those damn vuvuzelas back from the World Cup". Chancellor George Osborne is doing what all countries should do in that situation but are afraid to do, due to the unlikelihood of reelection. The country is damn near bankruptcy, the whole European continent is over-leveraged on debt and Britain is doing their best to make an example by balancing their budget. Tax handouts to the entertainment industry don't help balance the budget. Insert snarky comment about US legislators growing some balls and balancing our budget here...
Here's some more info on the subject:
Re:Obviously (Score:3, Informative)
Maybe we should re-phrase the old adage - There's no such thing as a free market.
Re:Not that bad for indie devs, at least (Score:4, Informative)
Seems the UK government was aiming for a wider ranging effect with it's budgeting as noted http://www.develop-online.net/news/35205/Tax-Breaks-the-deal-is-off [develop-online.net] -
Re: UK hasn't made anything in years... yeah,right (Score:2, Informative)
A list of some of the things the UK apparently hasn't produced in years, which is relevant to both the OP and your post: http://www.giantbomb.com/united-kingdom/95-492/list-of-video-games-made-in-uk/35-9288/ [giantbomb.com]