§ MR. HEYWOOD JOHNSTONE (Sussex, Horsham)
I beg to ask the Chancellor of the Exchequer, whether Land Tax which has been redeemed but not exonerated will be reduced to one shilling in the pound upon the annual value where it now exceeds that proportion and, whether Land Tax which has been purchased as a rent-charge under the provisions of the Land Tax Acts, 38 Geo. 3, c. 60, and 42 Geo. 3, c. 116, will be subject to a like reduction in those cases in which it exceeds one shilling in the pound upon the annual value of the hereditaments upon which it is chargeable?
§ THE CHANCELLOR OF THE EXCHEQUER
(1) The rights of persons who are entitled to receive from the Crown Land Tax redeemed, but not exonerated, in pursuance of contracts entered into under the provisions of the Act 38 Geo. III., cap. 60, where the contractors declared their option to be treated as purchasers, will not be affected by the Finance Bill; but the lands included in these contracts will continue to be subject to assessment at the same rate as other unexonerated land in the same parish; (2) where Land Tax has been purchased as a rent-charge or fee farm rent under Section 154 of the Act 42 Geo. III., cap 116, the right of the Crown to assess the land to the Land Tax has entirely ceased. The purchaser has become entitled to a yearly rent or sum as a fee farm rent of fixed amount, and his right to receive that sum of course cannot and will not be interfered with.