Insurance Tax Manager

Helping over ten million people around the world manage their savings, retirement plans and life insurance requires a lot of people behind the scenes.

It’s up to us in L&G Group functions – which includes our tech and digital teams, Group Finance, HR, Risk and Corporate Affairs – to provide the essential support services that all areas of the business need, here in the UK and overseas. Simply put, we enable everyone at Legal & General to do what they do best. That means we’re helping to improve our customers’ lives and contributing to the success of the business every day.

Recruiter:

Craig Cooper

Internal Closing Date: 27th May 2024

Job Description

We’re recruiting for an Insurance Tax Manager who will be responsible for the UK tax compliance and reporting for the Insurance and Reinsurance companies within the group.

Additionally, this role will become a SME in UK Insurance Tax and support the Head of Tax Compliance, Reporting & Risk and the Head of Insurance & International Tax on advisory and tax projects as required.
What you'll be doing:
You will complete the UK corporation tax computations and returns (using Alphatax software) for the Insurance and Reinsurance companies and coordinate responses to HMRC queries. You will prepare double tax relief calculations and expense analysis for Insurance companies.
You will perform quarterly group reporting for the main Insurance entity in the group using Onestream tax reporting software and review Solvency II tax calculations prepared by finance teams.
You will lead on technical tax matters as they pertain to Insurance tax compliance and reporting and build knowledge to become an Insurance Tax SME within the Group Tax Team.
You will assist with implementation of Pillar II rules as they impact UK compliance portfolio.
You will provide tax support for projects and transactions in the UK Insurance and wider business as required. This may include tax input to Penson Risk Transfer transactions or new products.
You will liaise with key finance and business contacts to build networks and ensure smooth management and communication of the compliance and reporting processes. You will represent Group Tax across the business and become a key point of liaison for Insurance tax matters. Business Partnering with finance teams across the Insurance divisions.
You will provide support with ongoing HMRC enquiries and open issues across all taxes including VAT and other non-corporation tax areas. Build knowledge of Operational Taxes as they relate to our insurance products and support the Head of Operational Taxes on an ad hoc basis as required. Operational and product taxes include Pension Tax Relief at Source, PAYE on pension payments, withholding taxes, ISA reporting and Stamp Duty Reserve Tax.
You will support the Chief Tax Officer with tax projects as they arise. Support other members of the tax team with ad hoc queries, projects and transactions as required.
You will provide tax input into advisory papers as appropriate.
You will ensure all activities are carried out in line with our Treating Customers Fairly accountability.

Qualifications

Who we're looking for:
Qualified Accountant desirable, otherwise with sufficient experience of financial accounting to maintain up-to-date professional knowledge.
Member or fellow of the Chartered Institute of Taxation desirable, otherwise with sufficient tax experience to maintain up-to-date professional knowledge.
Statutory and regulatory legislation
Knowledge of UK Taxes Acts, specifically in relation to corporation tax to the extent that they apply to the companies in the group for which tax responsibility held.
Experience of specific rules in relation to Insurance Company Taxation desirable but not essential.
Knowledge of IAS 12 and other tax aspects of UK GAAP and IFRS.
Develops knowledge of SII reporting requirements of the PRA and those of other regulatory bodies where appropriate.
Develops understanding of the key concepts which drive regulation within our markets.
Business/Commercial
Understanding of the general business and financial services environment and regulatory business requirements and its impact on Legal & General's strategy.
Develops practical knowledge of each of the Group's businesses and how they interrelate including a knowledge of the operational structures of senior management and their reporting lines.
Develops and maintains a working knowledge of the Group's policies and procedures including the Group’s risk management framework.
Develops and maintains a commercial awareness of all businesses and products offered within the L&G Group.
Reporting requirements
Ability to manage the production of both internal and external financial reporting documentation.
Systems and IT
Develop knowledge of L&G Group’s Consolidation System and UK general ledger.
Sound working knowledge of Microsoft Office products in particular Excel, Word, Outlook and Powerpoint.
Detailed application of the department’s specific tax software packages.
Communication
Communicate technical issues in a clear, simple manner to a wide audience.
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.
Analytical ability
Assimilates complex information, identifies key issues, implications and consequences.
Ability to review for trends, anticipate problems/omissions and consider potential ways to mitigate them.
Be able to take ‘big picture’ approach.
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.
Seeks solutions to problems with support.
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.
Builds and develops strong relationships with staff, peers and other contacts within the business and externally.
Whatever your role, we reward performance and behaviour with a package that looks after all the things that are important to you. Here are some of the benefits we offer:
The opportunity to participate in our annual, performance-related bonus plan and valuable share schemes
Generous pension contribution
Life assurance
Private medical insurance (permanent employees only)
At least 25 days holiday, plus public holidays, 26 days after 2 years’ service. There’s also the option to buy and sell holiday
Competitive family leave
Participate in our electric car scheme, which offers employees the option to hire a brand-new electric car through tax efficient salary sacrifice
There are the many discounts we offer – both for our own products and at a range of high street stores and online
In 2023, some of our workspaces were redesigned. Our offices are great spaces to connect and collaborate and have your wellbeing at the heart

Additional Information

Legal & General is a leading financial services organisation, named Britain’s Most Admired Company in 2023, for the second year running. Rated top in our sector and top for inspirational leadership, we have a strong heritage and an exciting future.

We’re one of the world's largest asset managers, homebuilders, pension providers and insurers. Connecting to form a unique business model which drives value for our customers and society. And enabling our people to create impact through work that is meaningful and valued.

If you join us, you’ll be part of a welcoming, inclusive culture, with opportunities to collaborate with people of diverse backgrounds, views, and experiences. Guided by leaders with integrity who care about your future and wellbeing. Empowered through initiatives which support people to develop their careers and excel.

We strive to be open, mindful, and inclusive, so are always willing to discussing flexible working arrangements and reasonable accommodations for candidates with specific needs. It doesn’t matter if you don’t meet every single criterion in this advert. Instead, think about what you excel at and what else you can bring in terms of strengths, potential and connection to our purpose.

If you’re open to find out more, we'd love to hear from you.