The Queensland Government has ruled that limited stamp duty refunds payable to clients of foreign insurers will not extend to Lloyd’s underwriters.

The refund opportunity followed a ruling by the NSW Court of Appeal in July last year in the case of Qantas Airways v Chief Commissioner of State Revenue.

The case found stamp duty was not payable under the NSW Duties Act on premiums paid to insurers not authorised by the Australian Prudential Regulation Authority before June 20 2006.

The Queensland Office of State Revenue announced in January a limited stamp duty refund for duty paid on premiums received between December 8 last year and January 13 this year, including to insured parties where duty is paid directly to the commissioner.

Broker Marsh last week revealed Lloyd’s underwriters will be excluded from a decision by authorities to include only unauthorised foreign insurers in the refund, restricting the entitlement to clients of overseas insurers and non-commercial captive insurers.

Lloyd’s clients were initially expected to be entitled to the refund. Marsh says in a client briefing that it has submitted bulk refund claims on behalf of clients, including those in NSW and the ACT.

Overall stamp duty refunds have been estimated at $50 million in the wake of the case, with Qantas alone saving $5.1 million.