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2020 Global Market Recovery Rate and Members’ Agents Rate

For Members' Agents, Combined Agents and Lloyd's Advisors

Tuesday, 6 Apr 2021

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 incurring in relation to their Lloyd's underwriting activities in the year 2020.
  3. The annual adjustment for the year 2020 is to be declared in the VAT return for the quarter ended 31 March 2021.
  4. Input VAT recovery during the year 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).
  5. Members that participate solely on syndicates which write only EU business will not be permitted to use the GMR.

Members' Agents Rate 

  1. The Members' Agents Rate (MAR) for the year ended 31 December 2020 is 76.17%.
  2. Members' Agents and those Lloyd's Advisors who negotiate syndicate participations must use the MAR for the year ended 31 December 2020 to calculate final input VAT recovery for the year ended 31 December 2020.
  3. The annual adjustment for 2020 is to be declared in the VAT return for the quarter ended 31 March 2021.
  4. Members' Agents and those Lloyd's Advisors who negotiate syndicate participations must also use the 2020 MAR (i.e. 76.17%) to determine input VAT recovery when preparing 2021 VAT returns, until the actual recovery rate for the year ended 31 December 2021 is advised (in April 2022).

Other information: 

For full details of the the Lloyd's VAT arrangements please refer to market bulletin Y3237: Updated Lloyd's VAT arrangements (Y3237) - 21 January 2004 (196KB)

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