Operational taxes

Financial services

Complying with your client related tax and reporting obligations

Operational taxes are being impacted by a range of issues, all leading to a more complex and demanding environment for our market participants.

We see clients having to adapt and change in a number of ways:

1. More compliance and reporting requirements

  • Tax governance requirements are roles and responsibilities clear, with effective processes and escalation points.
  • AEO, CESOP, TRACE, CCO, MDR programmes and new rules in market territories.
  • Tax transparency e.g. uncertain tax positions, tax strategy and management reporting.
  • Horizon scanning, change management and transparency

2. More demand for data

  • Withholding tax requirements - tracking conditions data to confirm reliefs etc, holding period requirements for securities around dividend dates, capital gains threshold monitoring.
  • Investor reporting on tax claims/value reconciliation and cash flows on reclaims/relief at source.
  • Issue and action tracking, prioritisation and escalation of actions, Workflow.

3. Tax authority digitisation

  • Tax authorities are investing in smarter tools and analytics.
  • Likelihood of increased scrutiny/audit. Increasing requests for data to support filing positions.
  • Examples include Austria, Germany, Finland, Estonia, Mexico, Singapore.

4. More demand, less resource

  • Business is focussed on a reduced cost to serve, whilst adding value to products through increased after tax return.
  • Delivering insight, managing risk and protecting value take time and effort.
  • Tax automation can result in a 69% reduction in operational cost of delivering tax reporting.
  • Resources are being squeezed, recruitment challenges, sourcing becomes key.

5. Tech enablement

  • Finance and business transformation opportunities, drive for better information and user friendly information.
  • Opportunity to automate processes, use data analytics and shift away from manual spreadsheets.
  • Many new technologies are available which make a difference.

6. Tax function effectiveness

  • Tax functions need to develop different skill sets.
  • Collaboration extends beyond tax – operational, product, legal, custody.
  • Technology enables greater flexibility for employees and an ability to work across geographies.

How can we help?

Our tax technical support is a given, we can help you understand your tax technical risks and entitlements to benefits. We cover the whole range of operational taxes across geographies.

Our team combines subject matter expertise across operational taxes and geographies with our tax reporting and strategy experts who help our clients deliver tax more effectively in their business. We will challenge you to think differently.

Our team includes individuals who have worked for custodian banks and asset managers so understand the challenges you are facing on managing issues on a daily basis.


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Contact us

Kit Dickson

Kit Dickson

Partner & Operational Taxes Leader, PwC United Kingdom

Tel: +44 (0)7789 273879

Trusha Kachhela

Trusha Kachhela

Head of Legal Business Solutions, PwC United Kingdom

Tel: +44 (0)7808 774896

Peter Churchill

Peter Churchill

Partner & Stamp Taxes Leader, PwC United Kingdom

Tel: +44 (0)7725 706539

Robert Mellor

Robert Mellor

Partner & UK Alternatives Markets Leader, PwC United Kingdom

Tel: +44 (0)7734 607485

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