Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when purchasing a property that is under construction whether the stamp duty holiday applies at the point of purchase of the property or at the point of completion of the construction.
When a property is under construction, Stamp Duty Land Tax (SDLT) applies at the point of purchase of the property. This means that SDLT would apply either at the completion of the contract or when it is substantially performed. A contract is substantially performed when the purchaser has taken possession of the property or when the purchaser has paid 90 percent of the price due under the contract.