Connecting Talent to opportunity

Connecting Talent to opportunity

Senior Policy & Technical Adviser


Job Description:


 Apply before 11:55 pm on Tuesday 18th January 2022. Based 2-3 days a week from our EH8 Office.


About the Team


We are the Business, Assets and International (BAI) Directorate in HMRC. We are looking for a fully qualified direct tax professional with wide-ranging commercial experience of the asset management (AM) and investment funds industry, either as an adviser or from in-house tax roles. You will play a pivotal role in developing tax policy and providing technical expertise on issues affecting the AM industry, in which the UK is a world leader.


This is an exciting opportunity to join our Financial Products and Services Team (FPST) as a Senior Policy and Technical Adviser. You will work alongside our Investment Funds and Asset Manager Policy and Technical Leads to deliver a high-quality service to our internal and external customers, including building capability within HMRC. You will complement the team and enhance its capability by contributing your experience and commercial knowledge of the AM and funds industry.


Job Description


BAI is at the heart of government tax policy making and is HMRC’s centre of expertise for business and international taxation, and for the taxation of capital assets. In partnership with HM Treasury we advise ministers on policy measures and legislation in order to raise revenue, promote growth, strengthen relationships with other tax jurisdictions and tackle tax avoidance and unfair outcomes. We provide technical tax advice and support to colleagues across HMRC, including supporting tax litigation.


BAI has an excellent track record in providing opportunities for career progression. Working in BAI will give you an opportunity to develop valuable skills that will stand you in good stead throughout your career. Within BAI, the FPST is responsible for the design and maintenance of bespoke policies and processes for the taxation of financial services sectors (asset management, investment funds, banking, insurance), as well as design and maintenance of tax policy for a wide range of financial instruments and transaction types across all sectors. FPST also provides technical advice on difficult and complex issues arising in these areas.




You will play a pivotal role as part of a small team that is responsible for direct tax policy and technical issues for the taxation of asset managers (both firms and fund executives) and the full range of collective investment vehicles, including their investors. In addition, you will help to monitor and engage with general changes to the tax system where they affect the industry. This will frequently require consideration of novel and challenging situations, in the context of an economically significant and continually evolving industry.


You will need to engage frequently, alongside the Investment Funds and Asset Manager Leads, with stakeholders within the industry (representative bodies, regulators, advisers, larger customers), in other government departments (HM Treasury, the Office of Parliamentary Counsel) and within HMRC.


In this role, you will have opportunities to:


• Advise ministers and HM Treasury on tax policy.

• Contribute to budgets and other fiscal events.

• Support the development of new legislation, up to and including its passage through Parliament.

• Run public consultations to support policymaking.

• Work with senior industry representatives, their advisers and with other external partners to understand and tackle policy issues.

• Represent HMRC externally on relevant policy issues.

• Provide technical advice to colleagues across HMRC and externally on complex tax issues.

• Provide technical leadership on major tax disputes, up to and including litigation in court.

• Promote knowledge and understanding of the taxation of asset managers and investment funds across HMRC.

• Develop your own skills and competences whilst helping colleagues to develop theirs.


We are looking for someone who:-


• Is a collaborative and team-focused leader, capable of establishing and developing effective working relationships within HMRC and externally.

• Will contribute to the development of the team and wider BAI.

• Possesses relevant tax technical knowledge and will develop their policy skills whilst being comfortable working on complex and detailed tax issues.


And who will use their commercial experience to identify:-


• Commercial and economic effects of potential policy changes.

• Tax risks and mitigating measures.

• Opportunities to support and develop UK economic activity in the asset management sector.


Essential Criteria


You must hold one or more of the following qualifications:


• HMRC's Tax Specialist Programme or predecessor qualifications (TPDP, IDP, ITS2, CPT, FT2)

• Chartered Tax Adviser (with direct taxes options)

• Advanced Diploma in International Taxation.

• Full membership of one of the Consultative Committee of Accountancy Bodies (ICAEW, ICAS, CAI, ACCA, CIPFA), provided that direct tax matters make up a substantial part of your professional experience.

• Qualification as a Solicitor, Barrister or CILEX Lawyer (including the Professional stage Business and Commercial Law module) in England and Wales (or equivalents in Scotland and Northern Ireland), provided that direct tax matters make up a substantial part of your professional experience.


Equivalent qualifications, to be considered on a case-by-case basis.


In addition, you must have a combination of:


• Tax technical knowledge of the specific legislative frameworks for the taxation of asset managers, collective investment vehicles and their investors.

• A sound commercial understanding of the asset management and funds industry obtained either as an adviser or from in-house tax roles.


Desirable Criteria


• Practical knowledge of structuring for alternative investment strategies, including the use of asset holding companies, platforms, and SPVs within investment structures,

• A practical understanding of the UK’s approach to international taxation of businesses, investment vehicles, and investors and recent developments in the international tax landscape which may be of interest to asset management businesses and funds.

• Knowledge of the regulatory requirements placed on operators of authorised and unauthorised investment vehicles.