1,300 Pubs Called “Time” in the Last Year
At the revaluation of business properties for rates in England and Wales last year, which came into effect on 1st April 2017, there were a total of 43,066 pubs liable for business rates in England and Wales but that number has now fallen 3% to 41,774.
Altus Group says 1,292 pubs have now “disappeared” from the local Rating List all together having called time during the last year. Their removal, for property tax purposes, means that they have been either been demolished or converted into other types of use.
At the Spring Budget in 2017, Phillip Hammond announced that some pubs in England with a rateable value of less than £100,000 would receive a £1,000 discount on their rates. That was extended at the Autumn Budget last November for a further year to cover this year’s bills.
Altus Group says that the average business rates bill for a pub from 1st April for 2018/19 was 5% higher since the revaluation despite the £1,000 discount.
David Shuttleworth, Vice President at Altus Group, is urging the Chancellor to give pubs a “helping hand” saying, “The sad reality is that more pubs will continue to call time unless further financial support is provided by government.
“The Chancellor should be bold within his Autumn Budget later in the year by giving pubs a helping hand through an unprecedented stimulus of freezing rate rises in April 2019 whilst increasing the pub discount.”