British Marine warns of economic fallout from proposed inheritance tax reforms 

British Marine is strongly opposing the UK government’s proposed inheritance tax reforms, cautioning that these changes could devastate family-owned marine businesses. 

In an open letter to the chancellor (published 16 December 2024), the organisation, alongside Family Business UK and other partners, argues against a 20 per cent inheritance tax that could force the sale of multigenerational businesses and trigger significant economic disruption.

Lesley Robinson, CEO of British Marine, emphasises the critical nature of the proposed changes: “These businesses, often asset-rich but cash-poor, are a vital part of the UK’s marine industry. For many, selling part of their business to meet this tax burden simply isn’t feasible.”

The proposed reforms, set to take effect in April 2026, would impact UK businesses with qualifying assets above £1 million, including numerous marine sector enterprises. 

According to research by CBI Economics, these potential developments could reduce economic activity by £9.4 billion, resulting in 125,000 job losses and a net fiscal loss of £1.25 billion. 

British Marine is supporting its members by engaging with local MPs, advocating for the preservation of Business Property Relief (BPR) and Agricultural Property Relief (APR), and demanding a formal government consultation. 

“We stand united with family businesses across the UK to call for a fair, thoughtful, and consultative approach. BPR and APR exist for a reason – to allow businesses to continue operating without crippling tax penalties. The proposed changes risk damaging not only individual businesses but also the broader economic stability of the UK,” Robinson concludes. 

Recently Robinson announced that British Marine was witnessing a surge in enquiries seeking guidance on meeting new border requirements and how UK businesses can provide the relevant data to their EU based customers as the implementation of the European Union’s Carbon Border Adjustment Mechanism (CBAM) gathers pace.