The owner of a popular Brean holiday park has issued a warning to MPs over proposed inheritance tax changes, saying they could force parks to close and damage Somerset’s tourism economy.
Ian James, head of Yellow Sands Holiday Park in Brean and national chairman of the British Holiday & Home Parks Association (BH&HPA), is urging politicians to “urgently reconsider” the plans during this week’s Labour conference in Liverpool.
He says the changes to business inheritance tax rules could leave park owners facing hefty tax bills, forcing many to sell up and resulting in widespread job losses.
A new report by CBI Economics, commissioned by the BH&HPA, estimates the impact could cost the UK economy over £130 million and lead to the loss of 3,000 jobs. It also reveals that nearly a quarter of UK parks are considering selling or shutting down permanently.
Ian, who owns four parks across Somerset, Devon and Cornwall, says: “It is vital the Government uses its conference to re-examine the business case for this change and considers the true economic impact it will have.”
He added that many parks are already cutting back on recruitment and pausing investment plans due to the uncertainty.
“Parks contribute so much to the social and economic well-being of local communities,” he said. “It would be a tragedy if they were forced to close as an unintended consequence of this change.”
The BH&HPA is calling on MPs to review the findings and protect the future of the UK’s holiday park industry.
Holiday accommodation in Burnham-On-Sea and Brean
