55.—The Redemption difficulty Met.

In reference to the objection that the statute 38 Goo. III. c. 60, 1798, which made the then payment on account of the Land Tax perpetual, subject to redemption, has cut off all further right to increase or alter the modus then established, the answer to that argument is that all that was done by the above act was to guarantee to those who were willing to purchase a perpetual annuity secured on the Land Tax that a less sum should not be levied by way of Land Tax, thereby providing a security for the payment of the annuity they had purchased. But this is a totally different thing from securing to them the payment of a larger annuity than they had contracted and paid for, which would be the effect of holding that there could be no increase of tax laid upon the land on which the former Land Tax had been redeemed. In fact this view is supported by the provisions made in Section 37 of the Act itself ^p, for the case of any person redeeming the Land Tax who has not an estate of inheritance. By that section of the act it is provided, that any person not having an estate of inheritance, but nevertheless being entitled under Section 35 of the Act to redeem the Land Tax, redeeming the Land Tax out of his own estate, and declaring his option to be considered as a purchaser, shall hold the Land Tax redeemed as an annuity issuing out of the lands (subject to the reversioner's right of redemption under Section 18); and when any such person shall not at the time of entering into the contract for the redemption of such Land Tax, whereby such lands, &c., will be exonerated from the tax, have declared his option as aforesaid, such lands, &c., shall become chargeable for the benefit of such person, his executors, administrators, or assigns, with the amount of the 3 per cent. Bank Annuities transferred as the consideration, with interest equal to the Land Tax redeemed.