Altara Games hands out £1.5 million in loans to spark UK game development

UK games industry financing group, Altara Games - which helps kickstart development by offering loans to game developers based on predicted access to UK tax relief - has made £1.5 million ($2.15 million) available to its clients since opening its doors just six months ago, according to a report on Gamesindustry.biz.

To apply for a loan, devs must first prove their game is eligible for tax relief by successfully applying for a games tax relief interim certificate. 

After a developer has discussed terms, provided productions schedules, and handed over a signed loan agreement, Altara will ensure the agreed funds are transferred in a matter of weeks. 

Video games tax relief, introduced back in 2014, lets games companies claim back up to 20 percent of their productions costs.

Those looking to apply for relief must undergo a cultural test to find out whether they are eligible.