Marex Group Tax Strategy for the Financial Years ending 31 December 2025/2026
Marex Group (‘Marex’ or ‘the Group’) is a leading diversified global financial services platform headquartered in the United Kingdom with a global network spanning North America and Asia.
The Group has an operational presence in many different tax jurisdictions where Marex contributes through various forms of direct taxation, including corporation tax, payroll taxes, withholding taxes, and stamp duties, as well as indirect taxes, such as Value Added Tax and sales taxes levied on our trade activities.
In recognition of the importance of complying with the worldwide taxation obligations of the Group and exercising appropriate tax risk management, Marex continued to invest significantly in expanding its Tax function in recent years. Building on its recruitment of experienced tax specialists in the US Taxes, Indirect Taxes, Employment and Operational Taxes, the Group has recruited additional team members to support its expanded US, UK and VAT compliance. The expanded team has been working together to further strengthen the Marex tax risk and control framework as well as providing high-quality tax advice to support the growth of the business.
Under paragraph 16(2) of Schedule 19 of the Finance Act 2016 the Board of Directors are required to ensure that the Group’s Tax Strategy for the current financial year is published on behalf of the Group. The CFO is then responsible for administering the policy and ensuring that the guiding principles laid down are adhered to, reporting to the Board of Directors (via the Audit and Compliance Committee) as required. Please note that although this strategy is intended to meet the requirements of the UK tax legislation set out above, it is applicable globally and represents the standards to which Marex holds itself with respect to tax matters globally.
The CFO delegates the daily management of the Group’s taxes to the Tax Department, but retains responsibility, as the Senior Accounting Officer, for the Group’s tax affairs. The Tax Department must perform these duties with consideration to, and in compliance with, the guidelines of this policy and report any concerns to the CFO on a timely basis.
The United Nations, in discussing its Sustainable Development Goals (“SDGs”), acknowledges that “Taxation is a powerful tool to help finance achievements of the SDGs, and it can also spur inclusive and sustainable development in other ways. Fiscal policies can simultaneously mobilize resources, reduce inequalities, and promote sustainable consumption and production patterns .” Aligned with this, Marex recognises taxation as an important social consequence of doing profitable business in a jurisdiction, and the Group’s commitment to paying the right amount of tax in the right jurisdiction and at the right time reflects this. Taxation, both direct and indirect is an important part of Marex’s contribution to the societies in which it operates.
Marex’s commitment to integrity and transparency in relation to its tax affairs can be illustrated as follows:
| 2024 | 2023 | 2022 | |
| Marex Group plc effective tax | 26.3% | 28.09% | 19.24% |
| UK rate of corporation tax | 25% | 23.5%* | 19% |
* It is noted that the UK rate of corporation tax increased to 25% in April 2023.
Marex operates in a highly regulated environment and our tax policy aims to reflect and support our business in complying transparently with the rules and regulations in the jurisdictions in which the Group operates, whilst mitigating future tax risks in a timely and efficient way. Whilst the group may take advantage of legitimate business allowances, incentives and reliefs available in each jurisdiction (for example Research & Development tax credits), the Board of Directors also believe that, as a good corporate citizen, paying Marex’s fair share of tax is an important social responsibility.
Notwithstanding Marex’s low appetite for tax risk, it is recognised that the global financial services environment within which the Group operates is inherently complex due to the need to continually offer market leading financial products to our clients. Marex achieves this goal by creating new and innovative products, expanding its customer base (including geographically) and making strategic acquisitions. This activity and the resulting business change increases the inherent tax risk within the business and the mandate of Group Tax is to manage this effectively. The firm’s framework for risk governance includes taxation, and key mitigants to the inherent business risk are as follows:
The Marex group seeks to fully comply with its statutory obligations. Marex does not engage in artificial transactions which have the sole purpose of obtaining a tax benefit. In the course of the Group’s commercial activities there may be choices as to how business is undertaken, which may result in different tax outcomes. In such cases Marex may seek to carry out its business in a manner which produces the most efficient result for tax purposes in order to protect shareholder value. However, in all cases, Marex will seek to comply with both the spirit and letter of the law and commits to acting in a manner consistent with the group tax strategy set out in this document.
Tax incentives and exemptions are sometimes implemented by governments and fiscal authorities in order to support investment, employment and economic development (for example research & development tax credits or tax grouping opportunities). Where these opportunities exist, Marex may seek to benefit from them in the manner intended by the local government and tax authorities.
The Group adheres to relevant tax law and seeks to minimise the risk of uncertainty or disputes. Where there is uncertainty as to the application or interpretation of tax law, appropriate written advice may be taken from external advisers or tax authority clearance obtained to support the decision-making process.
As detailed above, Marex seeks to comply with all applicable tax laws and has a low appetite for tax risk both in the UK and globally. This threshold is set by the CFO, and implemented by the Global Head of Tax and wider Group Tax team, with the assistance of external advisors as required. Group Tax maintains a tax risk register which is reviewed and updated on a quarterly basis
Marex has a professional and transparent relationship with tax authorities in all jurisdictions / countries in which we operate and will always endeavour to respond promptly to any queries or concerns that they may have. In the United Kingdom, the Group maintains an open line of communication with HM Revenue & Customs (‘HMRC’) on all tax matters. Group Tax meets with HMRC on an annual basis to discuss the business activities of the past 12 months and any particular taxation impacts. In addition, any tax risks identified and the tax governance procedures in place are reviewed with our Customer Compliance Manager. On the basis of these discussions and the UK tax returns submitted to date, Marex has been allocated a ‘low’ risk rating which Group Tax work continually towards maintaining. This rating was reconfirmed in 2023 after an HMRC Business Risk Review of Marex’s UK tax risk and controls. The rating is unchanged for 2025. Between regular meetings, Group Tax will liaise with HMRC as appropriate including for any items of tax uncertainty or where any errors in prior submissions are identified. Should any errors be identified, HMRC are promptly notified and Group Tax works to quickly assess the impact and pay any additional taxes due without delay.
Marex uses a single global Big 4 accounting firm provider of corporate tax compliance services to assist Group Tax in managing and controlling our worldwide compliance obligations in line with best practice. An externally controlled central workflow tool monitors all filing and payment deadlines, and a full audit trail of all data and approvals provided is also maintained by our external supplier. This system is considered to provide an improved risk control environment for the group, and also provides a framework that enables Group Tax to respond quickly and efficiently to new tax compliance obligations as they arise.
Where Marex has uncertain tax positions, or potentially contentious tax issues, professional advice will be obtained and an open dialogue with the relevant authorities maintained to ensure that we comply with our statutory obligations.
All tax returns will be prepared and filed on a timely basis. In the rare event that any filing is late, we will communicate with the authorities as soon as practicable. We will investigate the reason for any late filing and ensure the correct resources are allocated and processes are improved to prevent the issue recurring.
All tax payments will be made on a timely basis in line with our obligations and requests for refunds will be made where overpayments arise to minimise any impact on the Group’s cash flow.
The above guiding principles / policy will be reviewed on a regular basis and any changes will be approved by the Board of Directors prior to publication and implementation.
This Group Tax Policy was approved by the Board (through its delegation to the Board Audit and Compliance Committee) of Marex Group plc on 23 September 2025.