On 19 June 2014, HMRC published revised guidance on creative industry tax reliefs. These allow qualifying companies to claim a larger deduction, or claim a payable tax credit when calculating their taxable profits.
The reliefs work by increasing the amount of allowable expenditure, so that where an eligible company makes a loss it may “surrender” the loss, converting some or all of it into a payable tax credit.
The revised guidance contains basic guidance on video games development relief, introduced from 1 April 2014.
To access the revised guidance click here