Government of Ireland Act 1920

26 Provisions as to land purchase annuities

(1) Purchase annuities payable in respect of land situate in Southern Ireland and Northern Ireland respectively, including any arrears thereof due or accruing due on the appointed day, shall be collected by the Governments of Southern Ireland and Northern Ireland, and the amounts so collected shall be paid into their respective Exchequers, but nothing in this Act shall confer on either such Government any powers with respect to the redemption of purchase annuities.

(2) In each year a sum equal to the amount payable in that year in respect of purchase annuities shall be paid into the Irish Land Purchase fund or account, or other appropriate fund or account, out of moneys provided by the Parliament of the United Kingdom.

(3) "Where after the appointed day an existing purchase annuity is redeemed, a sum equal to the annuity shall be paid out of moneys provided by the Parliament of the United Kingdom to the .Exchequer of Southern Ireland or Northern Ireland, as the case may require, in each year so long as the purchase annuity would, if not redeemed, have continued to be payable.

(4) Payments under this section out of moneys provided by the Parliament of the United Kingdom shall not be treated as part of' the cost to the Exchequer of the United Kingdom of reserved services except so far as they represent new purchase annuities.

(5) For the purposes of this Act—

• the expression " purchase annuities, " in addition to purchase annuities as defined in the [54 & 55 Vict. c. 48.] Purchase of Land (Ireland) Act, 1891, includes annuities for the repayment of advances made under any of the Land Purchase Acts prior to the Purchase of Land (Ireland) Act, 1891, and annuities for the repayment of advances made under the Labourers (Ireland) Act, 1906, or under any other Act relating to land purchase in Ireland;

• the expression " existing purchase annuity " means a purchase annuity payable in respect of an advance made in pursuance of a purchase agreement entered into, or, in the case of a purchase annuity payable under the [6 Edw. 7. c. 37.] Labourers (Ireland) Act, 1906, in pursuance of a scheme approved before the passing of this Act;

• the expression " new purchase annuity " means a purchase annuity payable in respect of an advance made in pursuance of a purchase agreement entered into or, in the case of a purchase annuity payable under the Labourers (Ireland) Act, 1906, in pursuance of a scheme approved, after the passing of this Act.