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Two pubs a day being closed or converted for other uses

05 February 2018 by
Two pubs a day being closed or converted for other uses

The number of pubs closing or being converted for other uses has slowed to approximately two a day since last April's tax shake up, real estate adviser Altus Group has reported.

Since the government's revaluation of business rates came into force on April 1 2017, 616 pubs have "disappeared" from the rating list, having been demolished or converted for other uses such as homes or offices.

The rateable values of pubs increased by 14.24% to £1.627b in the revaluation.

The rate at which pubs are being converted into other forms of use is easing according to Altus Group.

In March's Spring Budge, chancellor Phillip Hammond had moved to ease the rates burden, handing 90% of pubs a £1,000 discount to their business rates bills for those with a rateable value of less than £100,000. This was extended in the Autumn Budget to cover 2018/19 bills.

Alex Probyn, UK president of business rates at Altus Group, said: "The increase in the thresholds at which pubs pay business rates coupled with the additional £25m of rates relief has, undoubtedly, stemmed the decline."

Between April 2010 and April 2017 11,608 pubs were lost, equating to about four a day.

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