UK Tax Strategy

New York Life Group ("NYL" or "the Group") is a New York-based provider of insurance, mutual funds, annuities and other financial services and operates globally in several countries, including the UK. It operates in the UK through NYL Investors (UK) Limited, Tristan Capital Partners Holding Ltd., CGH UK Acquisition Company Limited, MacKay Shields (Services) Ltd, MacKay Shields (International) Ltd, MacKay Shields UK LLP and Candriam Luxembourg SCA – UK branch.

This document sets out how the Group, as represented by the entities above, manages its UK tax affairs in respect for the year ended December 31, 2023 and is deemed to represent compliance with its obligations under Paragraph 19 (2) Schedule 19 of the Finance Act 2016 to publish a UK Tax Strategy.

The Group is committed to managing its tax affairs in a responsible and transparent manner, in order to comply with the relevant tax legislation, conducting its tax affairs consistently based on the following principles:

• Compliance with the relevant tax legislation.
• Fostering relationships with tax administrations based on the duties of transparency, good faith, loyalty and mutual trust.
• Fostering the implementation of good tax practices in the group.
• Timely compliance with filing, disclosure and payment obligations.
• Being guided by international tax standards, including the OECD recommendations for responsible conduct in a global context.

Approach to Governance and Risk Management

The Boards of each of the UK entities are responsible for overseeing the business tax strategy, policy and affairs with day to day responsibility for implementing the tax policies and managing the tax affairs being delegated to the Chief Financial Officer (“CFO”) and the relevant tax teams where appropriate, who establish the appropriate policies and procedures which seek to manage tax risks, whilst ensuring consistency with the Group’s wider governance, risk and control framework. The CFO / tax teams also ensure the timely identification and escalation of any significant tax issues, including any uncertainties or associated risks to the relevant Boards where appropriate.

The tax compliance obligations of the Group are discharged by the relevant tax teams of the entities together with appropriately skilled external professional advisors where necessary. The relevant tax team’s duties include providing tax advice to the relevant entities and allowing them to effectively and efficiently manage UK taxation. Tax returns and payments are subject to the review and approval by the head office Tax Unit and / or the CFO.  In situations where the tax law is complex or subject to change, we work with external tax advisors to manage inherent risk.

Tax planning

The Group recognizes its responsibility to pay a fair amount of tax and will enter into tax planning only in order to support genuine commercial purpose and activities. In doing so we will ensure that is done whilst maintaining our duties to our stakeholders to manage the Group’s tax affairs in an efficient and sustainable manner. Accordingly, we may utilize opportunities to obtain tax efficiencies through incentives and reliefs where available and appropriate. We will ensure that any tax planning we undertake produces a result that is aligned with the legislative intent of the relevant territories in which we operate, and does not pose a significant risk of challenge or reputational damage to the Group.

Tax risk appetite

The UK entities have a low tax risk appetite, in line with that of the overall Group. We seek to adopt tax positions that are reflective of a fair applicable or relevant tax laws, regulations and practice. We are committed to ensuring that all key tax processes and controls operate effectively with a proactive mitigation of tax risk to acceptable levels. Where tax risks are identified, we are committed to actively monitor and manage such risks to ensure we maintain a prudent approach to risk management.

HMRC relationship

Any interactions between us and tax authorities are undertaken in a spirit of co-operative compliance and as such, we will continue to adopt a transparent and honest approach to working with HMRC. We maintain full and timely disclosure of necessary information as required by law, by providing HMRC with necessary information on a real-time basis. We seek to avoid any situation where a potential dispute or conflict may arise but if this occurs, we will create an open dialogue with HMRC to achieve timely agreement and resolution.