I have a DIV container in the screenshot below. I have 15px padding to the left and right but for some reason, the contents are being spaced downwards…
Apart from the left & right padding, nothing else is being applied. Setting the line height, borders, heights etc do not make any difference.
The input itself is comprised of:
<div class="numericInput">
<input class="numeric input" type="text">
<div class="numericWrap"><span class="increase"></span><span class="decrease"></span>
</div>
</div>
No other styling according to IE Developer Tools is causing the gap, only the parent DIV.

As per your screen shot define
vertical-align:topin your input tag. Like this: