HC Deb 24 July 1936 vol 315 c1015

Lords Amendment: In page 60, line 12, at the end, insert: Provided that no deduction in respect of cost of collection and management shall be made in a case in which the consideration money for the redemption is to be discharged by an annuity.

1.38 p.m.


I beg to move, "That this House doth agree with the Lords in the said Amendment."

The Sixth Schedule, read in conjunction with Clause 30 of the Bill, provides for the redemption of individual corn rents, not only for cash but by means of annuities payable over a period not exceeding 60 years. These annuities will be payable to and collected by the owner of the corn rent, and form no part of the general extinguishment scheme dealing with tithe rentcharge. Under the existing Tithe Acts, it is at present possible for tithe rentcharge to be redeemed, the consideration money, with the tithe owners' agreement, to be discharged by an annuity, and in such a case in ascertaining the compensation for redemption, no deduction is made from the gross annual value on account of the cost of collection. This is only reasonable and fair, because the tithe-owner has to collect and deal with the instalments of the annuity. On this analogy, the Amendment provides that no deduction for collection and management should be made where a corn rent is being redeemed by means of an annuity.


Do I understand that no stock will be issued in respect of these annuities?


I think that the fact that the whole of the corn rent is to be collected by the corn rent owner presupposes what the hon. Member has said.