persons having such estates and interests in remainder, reversion or expectancy, or being substitute heirs of entail as aforesaid, or their respective committees, curators, tutors, guardians or trustees on their behalf, shall be entitled to redeem such land tax or any part thereof in preference to any other bodies politic or corporate, or companies, or other person or persons having no estate or interest therein, and not being called to succeed therein as substitute heirs of entail, until and on the said twentyfourth day of June one thousand eight hundred and three, according to the priority of such respective estates or interests; such priority to be settled by the said commissioners in case the parties shall differ about the same. 20. Provided also, and be it further enacted, that all bodies politic and corporate, and companies, and feoffees or trustees for charitable or other public purposes, and other persons to whom such benefit of preference is given until the twenty-fourth day of June one thousand eight hundred and three as aforesaid, may at any time thereafter contract and agree for the redemption of the land tax charged on their respective manors, messuages, lands, tenements or hereditaments, wherein they shall have any estate or interest as aforesaid, in the same manner and under the same terms and conditions (except as to the period allowed for the transfer or payment of the consideration), as such bodies politic or corporate, or companies, or feoffees or trustees for charitable or other public purposes, or other persons, may do prior to the said twenty-fourth day of June one thousand eight hundred and three, provided no offer shall have been made for the purchase of such land tax, in pursuance of the provisions hereinafter contained: provided also, that when any bodies politic or corporate, or companies, or other persons having any such estate or interest as aforesaid, shall, at any time after the said twenty-fourth day of June one thousand eight hundred and three, give notice in writing to the respective commissioners acting in the execution of this act as aforesaid, of their intention to redeem their land tax, such land tax shall not be sold to any other bodies politic or corporate, or companies, or persons, not having any estate or interest therein, until after the expiration of three calendar months from the date of such notice as aforesaid: provided also, that where any bodies politic or corporate, or companies, or other persons, being in the actual possession or immediately entitled to the rents and profits of any manors, messuages, lands, tenements or hereditaments, shall, at any time after the said twenty-fourth day of June one thousand eight hundred and three, give notice in writing to such respective commissioners of their intention to redeem the land tax charged thereon, such land tax shall not be redeemed by any bodies politic or corporate, or companies, or other persons, having any estate in remainder, reversion, or expectancy in or being substitute heirs of entail called to succeed to such manors, messuages, lands, tenements or hereditaments, until the expiration of three calendar months from the date of such notice (save where such estate shall be expectant on the determination of any grant or demise for years absolute, or for years determinable on lives, for which a fine or premium hath been or shall be paid, or for lives where a rent hath been or shall be reserved, or a fine or premium paid, in which case such notice shall not entitle any such bodies politic or corporate, or companies, or other persons, being in the actual possession or entitled as aforesaid, to any benefit of priority or preference in the redemption of such land tax); and where any such manors, messuages, lands, tenements or hereditaments as aforesaid shall be leased or demised at a rack rent for any term or number of years, or at will, the bodies politic or corporate, or com Where corporations or trustees for public purposes shall treat for sale of lands held under demise from them, and obtain a certificate from two commission during the period specified therein contract for the redemption of the land tax on panies, or other person or persons, beneficially entitled to the rent reserved or made payable on any such lease or demise, shall (notwithstanding any covenant or agreement for the payment of the land tax charged on such manors, messuages, lands, tenements or hereditaments by the tenant or lessee thereof) be considered as being in the actual possession of such manors, messuages, lands, tenements or hereditaments for the purpose of claiming and being entitled to such benefit of preference as aforesaid. 21. And be it further enacted, that where any bodies politic or corporate, or companies, or any feoffees or trustees for charitable or other public purposes as aforesaid, shall, in pursuance of the powers of the said recited acts or any of them, have entered or shall hereafter enter into any treaty for the sale of any of their manors, messuages, lands, tenements or hereditaments holden under any demise made by them, by copy of court roll or otherwise, for lives, or for any term or terms of years determinable on lives or for years absolute, or shall have made or shall hereafter make any application to the commissioners acting in the execution of this act ers, they may by virtue of his majesty's letters-patent under the great seal, for their sanction and approbation of any such sale as aforesaid, and shall obtain a certificate under the hands of any two of the same commissioners, that in their opinion such bodies politic or corporate, or companies, or feoffees or trustees for charitable or other public purposes, are proceeding or intend to proceed bonâ fide and with reasonable diligence to carry such sale into execution (which certificate shall specify for what period of time the same shall run and operate), it shall be lawful for such bodies politic and corporate, or companies, and feoffees or trustees for charitable or other public purposes, during the continuance of such period (notwithstanding any thing in this act contained to the contrary) to contract and agree for the redemption of the land tax charged on their manors, messuages, lands, tenements or hereditaments, in preference to any person or persons, bodies politic or corporate, or companies, having or holding such manors, messuages, lands, tenements or hereditaments under any such demise as aforesaid: provided always, that such bodies politic and corporate, or companies, or feoffees or trustees for charitable or other public purposes, hereby enabled to contract with such preference as aforesaid, shall produce such certificate as aforesaid to the commissioners acting in the execution of this act by virtue of his majesty's warrant under the royal sign manual for the county, riding or place where the manors, messuages, lands, tenements or hereditaments the land tax whereof shall be proposed to be redeemed shall be situate. such lands, in preference to the persons holding them under such demise. The consider ation for the redemption shall be so much in the 3 per cents. as will pro 22. And be it further enacted, that the consideration to be given for the redemption of any such land tax as aforesaid shall be so much capital stock of public annuities transferable at the Bank of England hearing interest after the rate of three pounds per centum per annum, commonly called the three pounds per centum consolidated annuities and the three duce a divi- pounds per centum reduced annuities, or one of them, as will yield an annuity or dividend exceeding the amount of the land tax so to be redeemed as aforesaid by one tenth part thereof, such capital stock to be transferred to the commissioners appointed by an act of the twenty-sixth year of the reign of his present majesty for the reduction of the national debt, in trust for the purposes of this act. dend exceeding the amount of the land tax redeemned by 1-10th. Where the land tax to be redeemed 23. Provided always, and be it further enacted, that where the land tax so to be redeemed in any county, riding, division, shire, stewartry or place in any place for which separate commissioners under the royal sign manual are or shall be appointed to act shall not exceed the sum of twenty-five pounds per annum, it shall be lawful to pay the consideration for the same in lawful for which separate commissioners shall not ex consideration may be paid land tax of collector in Scotland, and calculated according to Schedule (L). Bank to transmit weekly acaverage price of the 3 per counts of the cent. consols or 3 per cent. reduced annuities to sioners for taxes, who shall publish in the Ga the commis zette, and transmit to the receivers money of Great Britain, in lieu of transferring stock in the three pounds are appointed per centum bank annuities; and such consideration shall be paid into the by the king hands of the receiver-general of the land tax for the county, riding or ceed 251. per place in England, or his deputy, or to the collector for the shire, stewartry annum the or place in Scotland, where the manors, messuages, lands, tenements or hereditaments of which the land tax shall be so redeemed shall be situate; in money to and the amount of the money to be paid as the consideration for the re- the receiverdemption of any such land tax shall be calculated, settled and ascertained general of the according to the price of stock to be from time to time transmitted to the place in such receiver-general or his deputy in England, or collector in Scotland, England, or in the manner hereinafter directed, and according to the table in the schedule to this act annexed marked (L), and the rules and directions therein contained. 24. And, to the end that such receivers-general or their deputies and such collectors may be enabled to settle and adjust the sums which ought in such cases to be paid as the consideration for the redemption of any land tax, be it further enacted, that from the time when the books of the governor and company of the Bank of England shall be opened for the transfer of three pounds per centum consolidated bank annuities after the fifth day of January in every year, and until the books shall be opened for the transfer of three pounds per centum reduced bank annuities after the fifth day of April in such year, and so from time to time when the said books shall be opened for the transfer of three pounds per centum consolidated annuities after the fifth day of July in every year, until the books shall be opened for the transfer of three pounds per centum reduced bank annuities after the tenth day of October in such year, the cashier or cashiers of the said governor and company of the Bank of England shall and they are hereby required, on Tuesday in every week, the same not being a holiday, or being a holiday then on the day preceding not being holiday, to cause an account to be made out of the average price at which the three pounds per centum consolidated annuities shall have been bought on such day (or otherwise on the following open day on which such stock shall be bought, in case any stock shall have been bought at the Bank of England on such day), and shall cause the same to be transmitted to the commissioners for the affairs of taxes, and so from time to time when the books shall be opened at the Bank of England for the transfer of three pounds per centum reduced annuities after the fifth day of April in every year, until the books shall be opened at the Bank of England for the transfer of three pounds per centum consolidated annuities after the fifth day of July in such year, and so from time to time when the said books shall be opened at the said Bank of England for the transfer of three pounds per centum reduced annuities after the tenth day of October in every year, and until the books shall be opened for the transfer of three pounds per centum consolidated annuities after the fifth day of January then next ensuing, the said cashier or cashiers shall and they are hereby required to transmit to the commissioners for the affairs of taxes such and the like account of the average price of three pounds per centum reduced annuities as is hereinbefore directed to be transmitted of the average price of three pounds per centum consolidated annuities; and the commissioners for the affairs of taxes shall thereupon cause to be published in the London Gazette, and also transmitted to the respective receivers general in the several counties, ridings, divisions or places in England, or to their respective deputies, and to the receiver-general in Scotland, to be by him transmitted to the respective collectors in the several shires, stewartries and places in Scotland, an account of the price a general, an the redemp- tax. The consideration for redemption of land tax before or on 24th June, 1803, shall be transferred within five years from 24th June, 1802, and after within two years, to the commis. sioners for reducing the national debt, or the whole may be trans ferred at once, or by shorter instalments. which according to the heads of the respective columns in the said schedule contained ought to be the consideration for the redemption of such land tax, which account so published and transmitted shall be sufficient authority to such receivers-general or their deputies, and to such collectors respectively, to settle and adjust the sums which, according to the tables, rules and directions in the said schedule contained, ought to be paid as the consideration for the redemption of such land tax, on all payments to be made pursuant to the said account. other 25. And be it further enacted, that where the consideration for the redemption of any land tax shall be in stock, and such land tax shall be contracted for by any bodies politic or corporate, or companies, or other person or persons, entitled to such benefit of preference as aforesaid, before or on the said twenty-fourth day of June one thousand eight hundred and three, the whole amount of the consideration shall be transferred within the period of five years from the twenty-fourth day of June one thousand eight hundred and two; and where any such land tax shall be contracted for by any such bodies politic or corporate, or companies, or person or persons aforesaid, after the said twenty-fourth day of June one thousand eight hundred and three, the whole amount of such consideration shall be transferred within the period of two years from the date of such contract, and the consideration in every such case shall be by four instal transferred to the commissioners for the reduction of the national debt by ments yearly, four instalments in every year; (videlicet,) either on or before the first day of May, the first day of August, the first day of November, and the first day of February in each year, the first instalment to be made on or before such of the said days as shall next ensue the entering into the contract: provided always, that it shall be lawful for any bodies politic or corporate, or companies, or other persons before described, to stipulate with the said commissioners with whom the contract shall be made for the transfer of the whole of the said capital stock at one time, or that the same shall be transferred by instalments within any shorter period or periods than the periods herein before prescribed, so that the same be by even instalments at equal intervals within the period stipulated, and on or before the respective days before mentioned in each year, or on such of the said days as shall fall within the period stipulated for such transfer : provided also, that it shall be lawful to transfer the whole stock so agreed to be transferred as the consideration for the redemption of any land tax, or any part thereof, in advance to the commissioners for the reduction of the national debt, notwithstanding any stipulations in the contract to the Fractions less contrary: provided also, that if the whole of the stock so agreed to be than 1d. to be transferred shall not be transferred at one time, but by instalments, and if a division of the entire quantity of stock into equal sums, to be paid by such instalments, would occasion a fraction less than the fraction of one penny, the fractional part or parts less than one penny necessary to such equal division, shall be taken from every prior instalment, and added to the last instalment, so as to avoid any fraction less than a penny. avoided. Where the consideration shall be in money, it 26. [Where the first instalment shall not have been transferable till after 1st February, 1801, application may be made to the commissioners for executing this act within three months from 24th June, 1802, who may alter the contract, and agree that the remaining instalments may be tranferred within any period not exceeding five years.]—Expired. 27. And be it further enacted, that where the consideration for the redemption of any land tax shall be in lawful money of Great Britain, the same shall be paid either by one payment or by equal instalments, as may be paid the party shall choose, and shall cause to be stipulated in the contract, the price of so as that such instalments shall not exceed eight in number, and that the at once, or by whole consideration be paid within the period of two years from the date instalments, not exceeding of the contract, according to the price of stock, to be transmitted as here- eight, payable inbefore is directed, to the respective receivers-general in England and in two years, according to collectors in Scotland, in the second week subsequent to the day of entering into the contract; but in cases where the whole consideration shall stock. not be paid at one time, but shall be by instalments, then for every second and subsequent instalment, according to the price of stock transmitted in the week preceding the day or days stipulated, and conformably to the table, rules and directions contained in the schedule marked (L); and in every such case the sum stipulated to be paid shall be duly paid to the respective receivers or their deputies in England, or the respective collectors in Scotland, on the day or days stipulated for the payment thereof: provided always, that if the consideration shall be to be paid by instal- Fractions less ments, and if a division of the entire amount of land tax into equal in- farthing to be stalments would occasion a fraction less than the fraction of one farthing, avoided. the fractional part or parts less than one farthing, necessary to such equal division, shall be taken from every prior instalment of land tax, and be added to the last instalment, so as to avoid any fraction less than one farthing. than one The whole advance, on ceiver-general the commis information sury, an account of such intended payments, which shall 28. Provided always, and be it further enacted, that it shall be lawful consideration to pay to the receivers-general (a) in England or collectors in Scotland may be paid, respectively the whole of such consideration or any part thereof in ad- or part, in vance, notwithstanding any stipulation in the said contract to the contrary; 21 days preprovided the bodies politic or corporate, or companies or persons desirous vious notice of making any such payments in advance, shall give twenty-one days to the reprevious notice in writing at the least to every such receiver-general or or collector, collector of such their intention; and every such receiver-general or his who shall deputy in England, or collector in Scotland, shall, immediately upon the transmit to receipt of such notice, transmit to the commissioners for the affairs of sioners for taxes, for the information of the commissioners of his majesty's treasury, taxes, for the an account of the payments so intended to be made in advance, and of of the trea the day or days on which the same are intended to be made; and all such payments in advance shall be made according to the price of stock to be transmitted to such receiver-general or his deputy or collector in the week preceding the day or days of such payments, and the table, rules and directions in the said schedule marked (L) contained. 29. And be it further enacted, that upon every such contract upon which the transfer of stock or payment of money shall be made by instalments there shall be paid, at the time of making the second and so of every subsequent instalment upon such contract, into the hands of the cashier or cashiers of the governor and company of the Bank of England the tables in (in cases where the consideration shall be in stock), and into the hands schedule (L). of the receivers-general in England or collectors in Scotland (in cases On making where the consideration shall be in money), to the use of his majesty, his the second heirs or successors, a sum of money by way of interest equal to the subsequent amount of the land tax redeemed, deducting therefrom a sum bearing instalment, the same proportion to such land tax as the amount of the stock then before transferred bears to the whole amount of the stock agreed to be transferred, or (in cases of consideration in money) the number of instalments then before paid bears to the number of instalments agreed to be paid as the consideration for such contract, having regard in cases of (a) By 1 & 2 Will. 4, c. 18, s. 1, receivers-general are discontinued, except one for the London district, and inspectors are appointed instead. be made according to the price of stock transweek preceding the mitted in the payment and and every interest shall be paid, to be calculated as hereby directed. |