Agile Working Options

Job Description Summary

Job Description

Responsibilities

The in-house tax adviser will include deal transactions, portfolio support and value creation activities and tax compliance and reporting:

Transactions

• Act as a first port of call for tax queries from LDC case officers;

• Be involved in tax structuring discussions with external advisers, ensuring that the any tax issues relevant to LDC are identified and addressed in structuring;

• Review tax due diligence in order to identify key tax risks in relation to transactions;

• Review legal documentation to ensure that it correctly reflects any structuring advice and recommendations made in due diligence;

• Be responsible for supporting on immediate post-deal tax items, to ensure time sensitive matters are prioritised and executed (such as VAT planning for deal fees and administrative matters to mitigate tax leakage (i.e. listing loan notes, s431 elections etc.))

• completing a tax “checklist” 100 day plan at the conclusion of each transaction, confirming that tax issues have been appropriately addressed;

Portfolio

• Supporting the portfolio Finance Directors with ad hoc tax queries and concerns, which arise as a result of LDC often being their first private equity experience –to guide the portfolios through the nuances of a private equity backing (such as close company consequences, institutional investor implications for R&D tax relief, EMI eligibility and anti-hybrid concerns etc.);

• Developing a holistic value enhancement process which maximises key value drivers through the life of the investment; and prepares the portfolio for exit utilising strategic partnerships with advisor network to deliver initiatives;

• Leading on tax updates (e.g DAC6, IR35, CGT/budget updates), delivering presentations and circulating summaries to ensure awareness and alignment at both LDC investment professionals and portfolio level; and

• Assisting with operational optimisation at both LDC and portfolio level (i.e. identifying and implementing controls and procedures to manage tax risk internally (i.e. IR35), delivering training and policy updates alongside legal and finance teams

Compliance

• Compliance and reporting support involve working with the finance team on ad-hoc investor tax queries, quarterly and annual fund reporting and general tax compliance queries (including reviewing externally prepared fund tax returns); and

• supporting Lloyds Banking Group with aspects of its tax compliance, by calculating thin capitalisation adjustments and providing bad debt relief analysis (on LDC loan notes), controlled foreign company commentary and substantial shareholding exemption analysis for each exit

Training

• Keep colleagues updated on legal developments that may have a practical impact on the structuring of transactions or may otherwise be relevant to them;

• Initiate and lead discussions on tax issues that may be generally relevant to LDC;

• Provide bespoke tax training to the Finance and Legal teams and (where appropriate) to other colleagues.

Note that the role primarily involves advising on the tax implications of transactions and therefore, whilst knowledge of tax at a fund level is advantageous, this is not the primary focus of the job.

Skills and Experience

• Extensive and wide-ranging experience (gained in a legal or accountancy context) of UK tax on private equity transactions including:

  • Acquisition structures;

  • Financing structures;

  • Debt and equity restructuring;

  • Group  reorganisations; and

  • Taxation of management teams including equity incentives and CGT planning;

• The ability to review and interpret legal documentation to ensure that relevant tax issues are appropriately addressed;

• Up to date knowledge and experience of market practice in private equity transactions;

• The ability to work with minimal supervision and to provide clear and authoritative tax advice to case officers and other colleagues;

• Show drive to build out the holistic value enhancement process which is a key objective of this role;

• The ability to manage a varied workload effectively and to prioritise work appropriately;

• Excellent presentation and interpersonal skills.

At Lloyds Banking Group, we're driven by a clear purpose; to help Britain recover. Across the Group, our colleagues are focused on making a difference to customers, businesses and communities. With us you'll have a key role to play in shaping the financial services of the future, whilst the scale and reach of our Group means you'll have many opportunities to learn, grow and develop.

We're focused on creating a values-led culture and are committed to building a workforce which reflects the diversity of the customers and communities we serve. Together we’re building a truly inclusive workplace where all of our colleagues have the opportunity to make a real difference.