New Grants For the Video Game Industry

The Government has announced that UK video game businesses are to receive a £4 million funding boost to aid the industry’s growth.

The fund is particularly aimed at helping start-ups and will reinforce the government’s message in backing the industry.

Over the four years from 2015 to 2019, the Video Games Prototype Fund will offer grants to support video games projects.

As part of the plans, grants of up to £25,000 will be available to help new games development businesses create working prototype games, and up to £50,000 for a limited number of projects to take their ideas beyond the prototype phase.

The grants will form part of wider government-backed tax relief for the sector, the most eye-catching of which allows businesses to surrender their losses in video game development for significant tax credits.

It is hoped that the measures will attract further investment in an industry that is already worth £76.9 billion per year to the UK economy.