A New Office for Gray's Inn Chambers

Background

Gray’s Inn Tax Chambers is a highly regarded London based collective of specialist tax barristers, advising on all aspects of revenue law and representing clients in tax litigation at all levels. Recommended by The Legal 500 for its ‘first-rate direct tax advisory and structuring work’ for both the HMRC and the taxpayer, Gray’s Inn is at the forefront of tax law in the UK.

As tax specialists, the members of the Chambers recognised the tax benefits of leasing and being able to claim 100% tax relief on the value of the lease including the interest. The ability to spread the VAT throughout the term of the lease also made practical sense.

Challenge

The Chambers had outgrown their previous premises and wanted to move their offices to 36 Queen Street, a new, modern development in the heart of the city. In line with the new development they needed a modern fit out for the main office space and bespoke furnishing for the individual barristers’ offices. Due to the nature of their work, the Chambers members requested minimum interaction with suppliers in order not to disrupt their work schedules.

The Solution

We structured a lease that suited the client’s requirement and worked with them to make sure that all of their objectives were met. This included liaising directly with the suppliers and, with their permission, facilitating payments to ensure minimum disruption to work schedules.

Although the availability of capital was not an issue for the client, how they deployed their capital most certainly was. They recognised the benefit of matching their costs to the return on their investment and how their capital could be used more effectively for the benefit to their members.