asked the Minister for Lands if he will state when the purchasers of lands under the Ashbourne Act, 1890, will cease to pay annuities and why these annuities did not cease in 1940 in accordance with the terms of the Act.
Ceisteanna—Questions. Oral Answers. - Cessation of Annuities.
The period for repayment of advances made to tenants for the purchase of their holdings under the Purchase of Land (Ireland) Act, 1885, commonly called the "Ashbourne Act", was 49 years from the date of the advance.
Under the provisions of Section 25 of the Land Act of 1896 tenant purchasers became entitled to three decadal revisions of the land purchase annuity. On each revision the advance was reduced by the amount of sinking fund accumulated during the previous decade and the annuity was recalculated on the balance of the advance then outstanding. In this way the annuity was reduced but the period of repayment began afresh from the date of each decadal revision.
These revisions were carried out automatically unless the tenant made application to the Land Commission that the annuity be not reduced.
The great majority of tenants accepted all three decadal reductions and in such cases the period of repayment was extended to 79 years from the date of the advance.
In cases where no revision was accepted the annuity expired at the end of the statutory period, i.e., in 49 years from the date of the advance.
In view of the confusion that arises in a good many cases of farmers throughout the country with regard to payments of annuities under the various Acts around that period, would the Minister consider it advisable to issue some kind of circular memorandum to Deputies for their guidance in relation to Land Purchase Acts generally?
I take it that the Deputy has in mind information regarding termination of annuity?
Yes.
I will do that.