§ 33. Mr. LAMBERT
asked the Minister of Agriculture what amount per £100 of tithe rentcharge is necessary to effect redemption in 60 years by the provisions of the Tithe Bill; and what would be the annual amount payable per £100 if no redemption provisions were adopted?
§ The MINISTER of AGRICULTURE (Mr. Elliot)
I presume my right hon. Friend has in mind tithe rentcharge arising out of agricultural land. The figures are £91 11s. 2d. and £76 7s. 6d. respectively. The latter figure, however, depends on certain assumptions, but as these are detailed and involve a number of calculations, I will, with permission, circulate them in the OFFICIAL REPORT.
Following is the information:
In order to answer the last part of the question, it has to be assumed, first, that the Exchequer contribution to the scheme would be maintained at the figure of £685,000 per annum for 60 years; secondly, that the compensation would be paid to the rating authorities on the basis set out in the Bill, that is, payments equal to the present value of a 60-year annuity of £600,000; thirdly, that the additional lump sum payment of £2,000,000 to the Church authorities 1621 represented by a 60-year annuity of £72,266 would be met out of the Exchequer contribution; and, fourthly, that the balance of the Exchequer contribution—£12,734 for 60 years—would be available towards the cost of collection and administration of the scheme. On these assumptions the amount which would be required to be paid per £100 tithe rentcharge (par value) by tithe-payers in the case of agricultural land if no provision were made to redeem the stock issued as compensation to tithe-owners is estimated at approximately £76 7s. 6d.