Property Tax Manager
- Role Type
- Closing Date
- Company Info
Working here is about being there for our customers; we’re available should the worst happen and we work together to enable social and financial equality across the UK. But it’s also about you –how you develop and what you can achieve. We’ll help your talent thrive in an environment where you’ll be supported to work flexibly and autonomously, sharing in our success and rewarded for a great performance with a generous benefits package.
- Department Info
From HR and Digital teams through to Group Finance, Risk and Corporate Comms – our Group function support our businesses across the UK and abroad. Delivering essential services and activities that have a real impact on our business and our customers lives, we enable our people to do what they do best, contributing to delivering a great customer service, profitability and strategic growth.
We are an equal opportunities employer and welcome applications from all suitably qualified persons regardless of their race, sex, disability, religion/belief, sexual orientation, gender identity or age.
- Job Duties
- Provide practical tax support to the Real Assets team (fund/asset managers, transaction team, property directors and finance business partners) on ad-hoc queries and be a property tax subject matter expert to group tax colleagues. E.g. non-resident landlord, leasing and financing transactions, restructuring, property development, company liquidations, stamp duty land tax and capital allowances.
- Provide end to end tax support and risk management, i.e. from the structuring of fund or holding entities on behalf of investor(s), to the financing and acquisition of properties or property-rich structures, to the on-going property holding or asset management (e.g. property development or conversion), to the post acquisition restructuring, and eventual exit of the underlying investments as further elaborated below.
- Support Property Business Development team on new product launches.
- Work with internal colleagues and external advisors to structure property or property SPV acquisitions. This includes consideration of transaction tax issues (SDLT, LBTT, LTT, VAT), tax residence and PE, inherent gains, future use of property (investment vs build to rent vs develop to sell), direct tax issues, financing, transfer pricing and withholding tax.
- Review external advisors’ tax due diligence reports and manage risks within Sale and Purchase agreements’ warranties/indemnities drafting and purchase price negotiations.
- Ensure that the tax risks inherited and structures adopted are within the Group’s tax policy.
- Ensure that appropriate risk management controls / procedures are in place to manage all property tax risks (including those inherited from acquired structures) on an ongoing basis.
- Ensure that relevant colleagues or external advisors are tee’d up to submit any post acquisition tax elections / returns on time. This includes VAT registration and option to tax, capital allowance election, SDLT / LBTT / LTT returns, etc.
- Ongoing tax oversight of the range of funds and vehicles (limited partnerships, property unit trusts, joint venture companies and asset holding companies set up in the UK, Jersey, Luxembourg and Netherlands). This includes creating/reviewing procedure notes and ensuring compliance with direct tax, withholding tax, FATCA, construction industry scheme and ATED.
- Prepare and collate documentation to support board decisions and tax filing positions relating to property transactions.
- Ensure processes are followed so that the expected tax treatments identified at transaction stage are reflected in tax computations and returns.
- Review quarterly and annual direct tax information relating to Group companies’ ownership of underlying properties / funds before providing to Group.
- Provide tax provisions of the property companies to Group Tax usually on a semi-annual basis.
- Keep business teams updated with key tax developments that are of real relevance to them, and screening out other tax new.
- Support Group Tax’s initiatives, e.g. link in to Group Tax’s response to HMRC’s consultations.
- Skills Required
Professional knowledge and qualifications
- Professional Accounting Qualification (e.g. ACA or ACCA) and/or Taxation qualification (e.g. CTA) with a solid level of post qualification property tax experience within a large corporate or practice
- Good understanding of UK authorised and unauthorised property funds commonly used, including limited partnerships, property unit trusts, PAIFs, ACSs.
- Good understanding of tax implications, risks and efficiencies relevant to property fund set ups, including tax transparency vs opaque for direct tax and CGT, non-resident landlord requirements and withholding tax on rents, sovereign immunity, CFC and section 13 TCGA 1992 issues.
- Practical experience of real estate funds’ property / SPV acquisition, holding and eventual disposal (especially income tax, corporation tax, SDLT, capital allowances, and the construction industry scheme with some knowledge of VAT).
- Good understanding of the mechanics and accounting of commercial and residential property transactions.
- Prioritisation, planning and organisation of multi task/person assignments.
- Works with and provides guidance and support to other teams.
- Works to build contacts within the organisation.
- Proactively seeks solutions to problems.
- Ability to progress idea/solution by undertaking extra tasks proactively.
- Clarifies objectives, aims, timescales and required outcomes.
- Obtains appropriate factual data to assist in decision-making.
- Ability to make judgement calls where appropriate without referral to senior manager
- Builds and develops strong relationships with staff, peers and other contacts within the business.
- Builds and develops strong relationships with HMRC and overseas fiscal authorities, tax advisors and industry groups.
- Experience of providing tax advice to fund management teams and be able to explain tax technical issues in a clear and concise way to non-tax experts.
- Prepared to listen to others and work to understand their viewpoint.
- Ability to create and deliver clear and concise written or verbal reports.
- Ability to adapt approach to suit audience.
- Assimilates complex information, identifies key issues, implications and consequences.
- Ability to review for trends, anticipate problems/omissions and consider potential ways to mitigate them.
Systems and IT
- Sound working knowledge of Microsoft Office products including Excel, Word, Outlook and Powerpoint.
Whatever your role, we reward ability, performance and attitude with a package that looks after all the things that are important to you. Our employees have a wide range of benefits including a generous pension scheme, life assurance, 27 days' holiday,private medical insurance, performance related bonuses, a variety of share schemes, discounts at both a huge range of high street stores and our own great products, your hard work will be rewarded when you join us.
For further information about the role, please contact Lynn Morriss, UK Resourcing Lead, at firstname.lastname@example.org