House purchase - when is Stamp Duty calculated?

[poorcook]

There is a rumour that Stamp Duty may be reduced in the Autumn Statement next week. I am in the late stages of buying a property, contracts have already been exchanged and completion is due at the end of the month. Stamp Duty was calculated by my solicitor when contracts were exchanged, but obviously won't be paid until after we complete on the purchase. If a change is announced next week, and if it takes effect before I complete on my purchase, will this change how much Stamp Duty I will pay?

I’m pretty sure it was calculated from exchange when there was the stamp duty changes during Covid, I believe that’s when it’s legally worked out, so sadly you’ve probably missed the boat here.

Hopefully someone can confirm though. I’ve blocked it out 🫣

Calculated on completion. Caused carnage when they last changed stamp duty because the changes usually take effect immediately so impacted completions instantly!

Yes, definitely at completion. We bought a house in 2020 and completion was delayed by two weeks by the other side. In those two weeks the government announced the temporary scrapping of stamp duty and so we didn’t have to pay it.

Thank you everyone (sorry, I don't know how to tag people). I will await the outcome of the Autumn Statement next week, and maybe get some good news about Stamp Duty.