2020 Global Market Recovery Rate

Global Market Recovery Rate 

1. The Global Market Recovery Rate (GMR) for the year ended 31 December 2020 is 77.74%.
2. As set out in Lloyd’s VAT Arrangements, Members who are VAT registered by virtue of business activities other than underwriting at Lloyd's may use the GMR for the year ended 31 December 2020 to recover input VAT they are incurring in relation to their Lloyd's underwriting activities in the year 2020.
3. Those Corporate Members, LLPs and SLPs are therefore able to recover 77.74% of any input VAT incurred in relation to their Lloyd's underwriting activities in the year 2020.
4. The annual adjustment for the year 2020 is to be declared in the VAT return for the quarter ended 31 March 2021.
5. Input VAT recovery during the 2021 should also be based on the GMR for 2020 (i.e. 77.74%), until the actual recovery rate for the year ended 31 December 2021 is advised (in April 2022).
6. Please note that Corporate Members, Limited Liability Partnerships (LLPs) and Scottish Limited Partnerships that solely participate on syndicates that write only EU business are not be permitted to use the GMR.

Other information:

For full details of the Lloyd’s VAT Arrangements, please refer to Market Bulletin Y2507: Lloyd's VAT arrangements (Y2507) - 1 January 2000 (94.5KB)

If you have any queries regarding the GMR, please contact one of the Indirect Tax team in Lloyd's Tax Department