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Redemption of land tax.
43 & 44 Vict. c. 19.
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32.—(1) The owner of any land may in any year redeem the land tax charged on such land by payment to the Commissioners of Inland Revenue of a capital sum, equal to thirty times the sum assessed on such land by the assessment last made and signed, after deducting any increase of the assessment made by virtue of this section, and such sum may be paid either in a single payment, or by such annual instalments as may be agreed upon with the Commissioners, and interest at the rate of three per cent. per annum on so much of the capital sum as remains unpaid shall be payable with each instalment, and all the instalments remaining unpaid may be paid at any time.
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(2) If an assessment on account of the unredeemed quota of land tax charged against any land tax parish would but for this section be made at a rate less than one penny in the pound on the annual value of the land in the parish subject to land tax such assessment shall be made at a rate of not less than one penny in the pound, except where such an assessment would produce a net sum exceeding the amount required for the redemption of the whole of the unredeemed quota, in which case the assessment shall be at such rate as will produce a net sum equal to that amount.
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(3) Any surplus land tax in any land tax parish received by reason of an increased assessment under the foregoing enactment, or otherwise received under the Land Tax Acts, shall be paid and applied in manner provided with respect to surplus land tax by section one hundred and fourteen of the Taxes Management Act, 1880, except that such surplus, so far as it is not applied in payment to the assessors, shall be deemed to have redeemed so much of the unredeemed quota of the land tax in the parish as is equal to one-thirtieth part of such surplus.
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