Effective from 1 July 2017, additional Stamp Duty exemptions are available for:

         • Crops which are being grown, harvested or stored.
         • Livestock.
         • Agricultural machinery.     

The legislation which brings these exemptions into force implies that risks relating to bloodstock and stud farming could be covered under the exemption, so the question was put to the Victoria State Revenue Office (SRO).

The response was that stud farms are not considered to be a form of agricultural activity contemplated by the new exemptions. Accordingly, insurance covering activities of a stud farm are not exempt from Stamp Duty. For similar reasons, the SRO confirmed that the livestock exemption does not cover insurance relating to bloodstock and racing horse activities.

For additional information, or if you have any queries, please contact Lloyd’s Tax Department:

Charlie Dyer
Indirect Tax Advisor
t: +44 (0) 207 327 6836
e: charlie.dyer@lloyds.com