Nucleus Financial Platforms Group

UK Tax Strategy


Nucleus Financial Platforms Group (“Nucleus”, “the Group”) is one of the UK's leading independent groups for investment platforms, products and wealthtech software. It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and investment management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.

With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers, and institutions with enterprise-wide, platform software solutions.

This UK tax strategy applies to all entities that form part of the Nucleus Group in the UK. This statement is published in accordance with the requirements of Paragraph 19 (2), Schedule 19, Finance Act 2016 for the year ending December 31, 2024.

This UK tax strategy applies to all entities that form part of the Nucleus Group in the UK. This statement has been approved by the Nucleus Board and is published in accordance with the requirements of Paragraph 19 (2), Schedule 19, Finance Act 2016 for the year ending December 31, 2024.

In managing its tax affairs, the Group seeks to:

  • Comply with all tax law and legal requirements, including timely filing of all appropriate tax returns and making all required tax payments on time;

  • Identify, assess, and manage tax risks, implementing robust internal controls, to ensure the accuracy, completeness and reliability of its tax compliance and reporting processes;

  • Ensure tax planning is driven by genuine business purposes and economic activities and prioritise commercial objectives over tax considerations; and

  • Act in a transparent and collaborative manner when dealing with HMRC.

Approach to governance and tax risk management

The Group is committed to maintaining an effective approach to tax governance and risk management. Accountability for overall tax strategy and the management of tax risk lies with the Board of Directors, with oversight provided by the Audit Committee. The Chief Financial Officer (CFO) is responsible for the day-to-day management of the Group’s tax affairs and is supported in doing so by the Finance Team, which is staffed with appropriately qualified individuals.

The Finance Team plays a crucial role in monitoring tax processes, implementing and exercising controls, tracking and monitoring tax filings, staying updated on legislative changes, engaging with advisors, and updating controls as necessary. These processes and controls are regularly monitored and reviewed to ensure compliance with all tax compliance and reporting obligations and to identify and manage tax risks on an ongoing basis.

Approach to Tax planning

Nucleus approaches tax planning with a focus on commercial substance and alignment with its business objectives. The Group does not engage in aggressive tax planning or artificial arrangements designed solely to achieve tax benefits. Tax planning activities are guided by ensuring that all tax planning is based on genuine commercial transactions and economic activities, taking advantage of available tax reliefs and incentives in a manner consistent with legislative intent, and considering the potential impact of tax planning on the Group’s reputation and relationships with stakeholders. Additionally, where necessary the Group will engage appropriately qualified and experienced external tax advisors, who are evaluated in respect of their qualifications and independence, to discuss and assist when dealing with complex or uncertain tax matters to ensure compliance and mitigate risks.

Level of tax risk Nucleus is willing to accept

Nucleus adopts a conservative approach to tax risk, reflecting its commitment to compliance and its low tolerance for tax-related uncertainties. The Group aims to manage tax risks through proactive identification, evaluation, and management of tax risks as part of its overall risk management strategy. Additionally, the Group maintains a low appetite for tax risk, as outlined in respect its approach to tax planning as well as ensuring that its tax affairs are conducted transparently and in accordance with the law and consistent with legislative intent.

The Group has a zero-tolerance approach to tax evasion and does not provide services with the aim of facilitating tax evasion and maintains procedures and controls which are designed to prevent the facilitation of tax evasion in line with its legal and regulatory obligations.

Dealings with HMRC

Nucleus is committed to fostering a transparent, honest, and constructive relationship with HMRC. The company maintains regular and open communication with HMRC, aiming to discuss tax issues in real-time whenever possible. In the event of differing legal interpretations, Nucleus engages in proactive discussions to resolve matters. The company ensures accurate and timely disclosures, responds promptly to information requests, and corrects any identified errors in previously submitted tax returns, disclosing them as appropriate. The Chief Financial Officer (CFO) is responsible for the day-to-day management of the Group’s tax affairs and is supported in doing so by appropriately experienced individuals of the Finance Team and external independent tax specialists.


*Subject to formal Board ratification on 16 January 2025