s 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.