Client: De La Rue
De La Rue is the world’s largest commercial security printer and papermaker, The company is involved in the production of over 150 national currencies and a wide range of security documents such as passports, authentication labels and fiscal stamps and is a leading provider of cash handling equipment. Similar to many manufacturers, in recent years De La Rue has looked to rationalise its UK portfolio in order to optimise operational productivity improvements.
In the UK De la Rue now operates from 10 locations including – Basingstoke, Overton, Dunstable, Westhoughton and Gateshead . As part of the drive for productivity gains, Gerald Eve has provided the company with landlord and tenant, business rate and capital gains tax advice.
The solution
Our rating experts appeal any business rates assessments perceived as excessive, and negotiate a revised amount with the Inland Revenue Valuation Office (VO). For the 2005 Rating List we have secured substantial rate reductions by proving that, for instance, the VO had failed to take into account the dramatic fall in rents in the Thames Valley and other office locations west of London, or that it had adopted the wrong level of value for a large factory in its Dunstable given its age and location.
De La Rue was faced with a significant capital gains challenge on a part disposed of some of its property interests. The Inland Revenue challenged the self assessment valuations on five of De La Rue’s properties, based on 1982 and 1996 values. It some cases the values in dispute were several millions apart. Following the production of evidence and negotiations, the VO was forced to concede that all of our valuations were correct.
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