Tax Manager - Global Markets and Securities Services

Last updated an hour ago
Location:Greater London


Role Title: Tax Manager - Global Markets and Securities Services

Business: Finance

New or Existing Role- Replacement

Grade: GCB4
Role Purpose
  • To provide tax advisory support and tax risk stewardship oversight to the Markets and Securities Services (“MSS”) business in the UK and Europe, to ensure that the business operates in a tax compliant and tax efficient manner and within risk appetite.
  • To provide timely and accurate advice to the business on the tax implications of business changes, proposed transactions and new products.
  • To ensure the business is aware of tax developments and appropriate actions are taken to fulfill new and developing tax obligations.
Key Accountabilities
Impact on the Business:
  • Analysis of products and services being offered by MSS to ensure the tax aspects have been properly considered
  • Engagement with senior management in the business in order to explain the tax consequences and the acceptability or otherwise of products and transactions
  • Establishment of clear guidelines for the business as regards tax aspects of transactions developed by the business or brought forward by clients
  • Review clients or transactions which may pose tax avoidance risk, including consideration of risk appetite as well any relevant anti-avoidance and tax reporting implications (including consideration of the Code of Practice on Taxation for Banks, DAC 6), and attendance at Reputational Risk and Client Selection Committees as necessary
  • Attendance at various risk and product approval meetings to explain tax issues and risks, including decisions to approve or reject transactions or product approval requests where appropriate
  • Where possible, devise solutions that will allow the business area to avoid creating tax problems or reputational risk.
  • Provide tax risk stewardship of the MSS business including oversight and challenge of operational tax risk management within the business areas
  • Ensure the business is aware of tax development and appropriate actions are taken by the business to fulfill its tax obligations.
  • Provide or procure advice on a wide range of different taxes such as stamp duty and VAT where appropriate across different jurisdictions. Where appropriate advice should be produced after liaison with experts internally and/or after obtaining any external advice as deemed appropriate.
  • Advise on fee and cost sharing between entities and advise the business as to the maintenance of sufficient documentation to demonstrate the arm's length nature of its fees.
  • Involvement in tax risk assessment, reporting and mitigation, dealing with the business areas of MSS, the Chief Risk Officer team, and Operational Risk as required. Attendance at Risk Management Meetings may be required from time to time.
Customers / Stakeholders
  • Senior business line stakeholders and governance forums
  • Business areas and trading desks
  • Global Markets and Securities Services Finance teams
  • HMRC
  • Global Head of Tax
  • Country and Regional Heads of Tax and global MSS tax team colleagues
  • Industry bodies