Finance Act, 1896

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Amendment of Land Tax Acts as to facilities for raising redemption money.

51 & 52 Vict. c. 51.

33. Subject to the provisions of this Act, the Land Tax Acts shall apply to any redemption of land tax under this Part of this Act; provided as follows:—

(a) Where an owner redeems under this Act land tax upon any land by payment of a capital sum, the Commissioners of Inland Revenue in accordance with the prescribed regulations, shall, on his application at the date of the redemption, grant to him a certificate charging the land with the amount of that sum, and with interest equal to the amount of the land tax redeemed, and he shall be entitled to the charge as if it were a mortgage secured to him by a mortgage deed; and such charge, when the certificate is registered in pursuance of the Land Charges Registration and Searches Act, 1888, shall have priority over all other charges and incumbrances, and any money authorised to be invested in real security may be invested on the security of any such charge.

(b) For the redemption under this Act by a capital sum of land tax charged upon land—

(i) if the land is held upon any trust, or for any purpose, or for the benefit of any university or college, money may be applied which is held on the same trust, or for the same purpose, or for the benefit of the same university or college; and

(ii) if the land is held for any purpose by a corporation or trustees, money may be applied which is applicable for that purpose, and any of such land may be sold to raise money for the redemption.