Members' Agents Rate
- The Members' Agents Rate (MAR) for the year ended 31 December 2023 is 86.34%.
- Members' Agents and those Lloyd's Advisors who negotiate syndicate participations must use the MAR for the year ended 31 December 2023 to calculate final input VAT recovery for the year ended 31 December 2023.
- The annual adjustment for 2023 is to be declared in the VAT return for the quarter ended 31 March 2024.
- Members' Agents and those Lloyd's Advisors who negotiate syndicate participations must also use the 2023 MAR (i.e. 86.34%) to determine input VAT recovery when preparing 2024 VAT returns, until the actual recovery rate for the year ended 31 December 2024 is advised (in April 2025).
Other information:
For full details of the Lloyd’s VAT Arrangements, please refer to Lloyd's VAT arrangements - 1 January 2000.
If you have any queries regarding the MAR, please contact one of the Indirect Tax team in Lloyd's Tax Department.