Members' Agents Rate
1. The Members' Agents Rate (MAR) for the year ended 31 December 2021 is 83.57%.
2. Members' Agents and those Lloyd's Advisors who negotiate syndicate participations must use the MAR for the year ended 31 December 2021 to calculate final input VAT recovery for the year ended 31 December 2021.
3. The annual adjustment for 2021 is to be declared in the VAT return for the quarter ended 31 March 2022.
4. Members' Agents and those Lloyd's Advisors who negotiate syndicate participations must also use the 2021 MAR (i.e. 83.57%) to determine input VAT recovery when preparing 2022 VAT returns, until the actual recovery rate for the year ended 31 December 2022 is advised (in April 2023).
Other information:
The increase in the MAR is a result of the extension of the Specified Supplies Order (SSO) post-brexit. Prior to the end of the transitional period for the UK exiting from the European Union (EU), the SSO only provided a right to deduct input tax in relation to specified supplies made to customers belonging outside the EU. With effect from 1 January 2021, the SSO was extended to include specified supplies made to customers also belonging in the EU. For further information, please refer to our article on the Taxation News page here.
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 MAR, please contact one of the Indirect Tax team in Lloyd's Tax Department.