734 PiEDEMI'TION OF TlTHE ReNTCHARGE BY ANNUITY. [NOV., 



of rating and taxation. It is not, however, always convenient 

 to landowners to find capital sums for the redemption of tithe 

 rentcharge on their lands, even though capital moneys are 

 under the Settled Land Acts applicable for such purpose, and 

 to meet such coses the Tithe Act, 1918, provided facilities for 

 landowners to redeem by annuity. 



(2) Calculation of Redemption Annuities. — By agreement 

 between the landowner and the titheowner under the Act the 

 consideration for redemptiou ma}^ be discharged by an annuity 

 payable yearly or half-yearly for a period not exceeding 50 years. 

 Section 4 (2) of the Act provides that the amount of the annuity 

 shall be calculated in the following manner : — To interest not 

 exceeding 5 per cent, per annum on the consideration money is 

 to be added such sum as would be sufficient, if the periodical 

 payments thereof were accumulated at compound interest at a 

 rate not exceeding 4 per cent, per annum, to produce an 

 amount equal to the consideration money at the end of the 

 said period. The total of these two sums will give the amount 

 of the yearly or half-yearly payment of the annuity as the 

 case may be. 



In any such case the Minister by order charges the land 

 with the annuity, and the order contains provisions for giving 

 effect to the charge and for protecting the interests of persons 

 interested in the rentcharge. 



(3) Consents necessary to Redemption by Annuity. — Under 

 Section 4 (3) of the Tithe Act, 1918, however, no such agree- 

 ment for redemption by annuity is valid : — 



(a) If made by a spiritual person entitled in respect of his benefice or cure 

 except with the consent of Queen Anne's Bounty ; or 



(b) If made by a person (not being a spiritual person so entitled) who is 

 not empowered to sell the rentcharge unless he obtains the consent of 

 some other person, except with the consent of that other person. 



(4) Redemption by Annuity of Clerical Tithe Rentcharge and 

 Welsh Tithe Rentcharge. — The Ministry understands that 

 Queen Anne's Bounty will, as a rule, be prepared to consent 

 under certain conditions to the redemption of any tithe rent- 

 charge or tithe rentcharges amounting in all to not less than 

 £1 payable by a landowner to an incumbent, and to advise 

 the incumbent to agree to the same. The Ministry also under- 

 stands that the Welsh Church Commissioners, who own over 

 ^6200,000 tithe rentcharge in Wales and Monmouth, will, as a 

 rule, be ready to agree to applications for redemption by 

 annuity of any tithe rentcharge payable to the Commissioners. 



