Taylor, who was riding Alketios for trainer Chris Gordon, was always handy on the five-year-old and, with the stands' side rail to race against, the pair came home narrowly in front of the Scott Dixon-trained Armelle (ridden by Dido Harding) and the Jim Boyle-trained Continuum (real name Perfect Pastime and ridden by Emily Baxendale).
The key objective of the Magnolia Cup is to raise as much money as possible for female-focused charities and, in doing so, raise their profile. Through a mixture of sponsorship, ticket sales from the Regency Ball (held at Goodwood House last night), private donations and betting initiatives, the Magnolia Cup has raised over £1 million for charity over the last five years.
Taylor, who wore silks designed by Jasmine Guinness, was brought up around horses and was born to ride. Her grandmother, Jane Whiteley, was second at Badminton, while her great-aunt, Anneli Drummond-Hay, won both Badminton and Burghley before turning her attention to showjumping at the highest level.
"That was great," said Taylor.
"It's something I've never experienced before - to be in this situation with a chance of winning, and then actually winning, is amazing.
"He travelled really well for me. Dido (Harding, jockey of runner-up Armelle) was upside me so I thought I must be in the right place.
"I've never actually ridden Alketios before so this is the first time I've met him. I rode in this race last year but finished nowhere. This year was much better though!"
Harding second again in Magnolia Cup
Dido Harding finished an excellent second in the 2016 renewal of the Magnolia Cup, the Goodwood charity race, aboard Armelle for trainer Scott Dixon.
Harding, the CEO of TalkTalk, has ridden in every Magnolia Cup apart from the 2014 renewal and was filling the runner-up position for the second year in a row.
Harding and Armelle travelled well throughout the contest towards the stands' side and kept on resolutely in the five and a half-furlong contest to finish in the places.
She said: "I loved every second of it. It was brilliant to ride in the race again. I would have loved it even more if we had won but it was a brilliant experience. It was a huge thrill."
Trainer Jim Boyle was delighted with Emily Baxendale's ride aboard third-placed Continuum. The creative director and founder of Emily-London milliners always had Boyle's horse well positioned and the pair stayed on well to finish third.
Boyle said: "Emily has come in every day to ride this horse.
"She clearly doesn't have to, as she's busy enough as it is as a milliner, so she deserved a good day out here. She rides Perfect Pastime every day when she's here and he's become her adopted horse. They get on so well together.
"I don't normally wear hats but Emily has made me one so I had to wear it today. She measured my head at the yard the other day with a piece of hay bale twine - it fits perfectly!"