SolvedSDLTM09000 | Scope: When is Stamp Duty Land Tax (SDLT) chargeable: Options and rights of pre-emption FA03/S46(3)
From HM Revenue & Customs · Stamp Duty Land Tax Manual
Options and rights of pre-emption are chargeable when they are acquired, not when they become exercisable.
On exercise of an option or right of pre-emption, a distinct, although frequently linked, transaction arises and this is chargeable to SDLT in its own right.
See also SDLTM01300.