BHHPA Budget 2024 Reaction

A missed opportunity to encourage investment and growth in rural and coastal communities, says BH&HPA in it’s reaction to the 2024 Budget.

The British Holiday & Home Parks Association says the £40bn tax increase in October’s budget is a missed opportunity to boost investment in rural and coastal communities across the UK.

BH&HPA Director General Debbie Walker acknowledged the substantial measures announced by Rachel Reeves to address the nation’s economic challenges – but warned that tax rises on jobs and businesses would have a negative impact on growth.

BH&HPA calls for increasing capacity within the planning system

While the Government has heeded BH&HPA’s call for increasing capacity within the planning system, there is concern about the impact other measures will have on the association’s 3,000 holiday and residential park members.

There was also a likelihood, said Debbie, that these would rebound on the many rural and coastal communities where other businesses and local employment are supported by parks.

NI Increases and Agricultural Property Relief

“The increase in employers’ national insurance contributions will undoubtedly put extra financial pressure on small and medium-sized firms,” she said.

“At the same time, changes to agricultural property relief and business property relief from April next year will also have significant implications for family businesses.

“The vast majority of our members are SME firms, and we urge the Government to consider the unique challenges that are faced by these holiday and home park enterprises.

“I hope we can now work with the Government to find practical solutions which support both the country’s economic recovery and the sustainability of our parks industry.”

Association members have a chance to digest the implications of the budget on Monday 04 November (12 noon – 1pm) during a webinar arranged by BH&HPA with tax advisers RSM.