# Stamp Duty Land Tax Act 2015, Paragraph 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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Source: https://www.legislation.gov.uk/ukpga/2015/1/schedule/paragraph/2 (the official version)
Page: https://openlegislation.uk/stamp-duty-land-tax-act-2015/schedule/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.