HC Deb 28 July 1896 vol 43 cc818-9

I beg to ask the Chief Secretary to the Lord Lieutenant of Ireland whether it has been brought to his notice that, under the Land Bill as it stands, though purchasers' insurance money is no longer to be payable in the case of advances made after the Bill passes, it remains payable in the case of prior advances, even though made so recently that not a single instalment of the purchase annuity has yet become payable; and whether he will consent to amend the Bill so as to make purchasers' insurance money no longer payable once the Bill passes?


There would be considerable difficulty in relieving purchasers whose annuities had been already settled from paying purchasers' insurance money, as it would involve a recalculation of the annuity an alteration of the conveyancing order, and considerable trouble. But under Clause 17 (5) every purchaser will, at the end of the first decade, get the benefit of what he has paid for purchasers' insurance money by having it treated as a reduction of the capital debt, and therefore in reduction of his purchase annuity.