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2(1)Section 74 (exercise of collective rights by tenants of flats) is amended as follows.
(2)In subsection (1A)—
(a)in the opening words, for “rate” substitute “amount”,
(b)in Step 2—
(i)for “rate of tax and the” substitute “amount of”, and
(ii)for “subsections (2) and (3)” substitute “subsection (1B)”,
(c)in Step 3—
(i)for “rate of tax and the” substitute “amount of”, and
(ii)for “subsections (2) and (3)” substitute “subsection (1B)”, and
(d)in Step 4 for “subsections (2) and (3) do” substitute “subsection (1B) does”.
(3)For subsections (2) and (3) substitute—
“(1B)Where step 2 or 3 of subsection (1A) requires the amount of tax chargeable to be determined in accordance with this subsection, it is determined as follows.
Step 1
Determine the amount of tax chargeable under section 55 as if the relevant consideration for the chargeable transaction were the fraction of the relevant consideration calculated under step 1 of subsection (1A).
Step 2
Multiply the amount determined at step 1 by the number of qualifying flats contained in the premises.”
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