2(1)Section 55 (amount of tax chargeable: general) is amended as follows.
(2)In subsection (1), after “chargeable transaction” insert “to which this section applies”.
(3)After that subsection insert—
“(1A)This section applies to any chargeable transaction other than a transaction to which paragraph 3 of Schedule 4A or step 4 of section 74(1A) (higher rate for certain transactions) applies.”
(4)In subsection (2), for “That percentage” substitute “The percentage mentioned in subsection (1)”.
(5)In subsection (5), for “74” substitute “74(2) and (3)”.
(6)In subsection (7), after “this section” insert “, step 4 of section 74(1A) or paragraph 3 of Schedule 4A”.