Client: Europa European Express
Following a sale-and-leaseback of its 32,500 sq ft warehouse in Kent, Europa European Express was presented with a bill for capital gains tax by HM Revenue and Customs. Working alongside the company’s accountants, we were asked to provide advice in relation to the historic value of the property. The valuation figure provided in this advice would then be used to calculate the increase in the capital value over the period of ownership.
The solution
The client owned the property prior to 31 March 1982 and in accordance with Government legislation, elected to value the property as at this date. With over 75 years experience in valuing warehousing property, our records hold very useful comparable evidence from the early 1980’s. This letting, sales and Valuation Office agreement information enables us to undertake historic valuations.
Results
Fully compliant with the standards laid down by the RICS Valuation Standards, our report enabled the client to mitigate its capital gains tax exposure by assisting in negotiations with the Inland Revenue.
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