§ 60. Mr. HANSONasked the Chancellor of the Exchequer whether he is aware that there is considerable anxiety among holders of property to redeem the Land Tax with which their property is charged; that the total amount of such Land Tax at present outstanding is comparatively small, and that much labour and expense would be saved to the State if facilities were afforded to the owners of property to redeem this tax on reasonable terms; and whether for this purpose he will consider the advisability of repealing Section 32, Sub-section (1) of the Finance Act, 1896, so as to enable the owner of any land to, in any year, redeem the Land Tax charged on such land by payment to the Commissioners of Inland Revenue of a capital sum sufficient to purchase an amount of Consolidated Stock yielding income equal to the Land Tax assessed on such land by the assessment last made and signed, and to provide that such sum be paid either in a, single payment or by such annual instalments as may be agreed upon with the Commissioners subject to interest at an agreed rate on so much of the capital sum as remains unpaid?
§ Mr. BONAR LAWI have considered this proposal, but I do not think that in existing conditions it would be to the public advantage to attempt to fix a fresh basis for redemption.