Taxation (No. 3) Act 1694

LXXVI. Clause of Loan for £1,250,000.

Tallies of Loan for Money lent, and Orders for Repayment with Interest, at the Rates herein mentioned; Orders to express Payment out of the said Yearly Sum of £300,000; Orders transferable; Transfers entered in the Exchequer; Monies lent, Tax free.

And for the better and more speedy supplying His Majesty with moneys, for the more effectuall carrying on of the Warr against the French King Itt is hereby further enacted by the Authority aforesaid That it shall and may be lawfull to and for His Majestie or the Officers of the Exchequer by his comand and appointement to borrowe receive and take att the Receipte of the Exchequer by way of loan from any Person or Persons Natives or Forreigners Bodyes Politique or Corporate that are or shall be willing to lend the same any su[m]me or su[m]mes of money not exceedeing the said su[m]me of Twelve hundred and fifty thousand pounds upon creditt of the said yearely su[m]me of Three hundred thousand pounds hereby appropriated and to be supplyed out of such Customes Subsidyes or other Dutyes as are before menc[i]oned, And that Tallyes of loane shall be levyed for all and every su[m]me and su[m]mes of money soe to be lent, And that orders according to the course of the Exchequer shall be drawne signed and issued for the repayment of the same and for payment of interest for the forbeareance of every such su[m]me of money; which interest shall not exceede the rate of Five pounds per Centum per Annu[m] for the first Three hundred thousand pounds; Six pounds per Centum per Annu[m] for the second Three hundred thousand pounds; Seaven pounds per Centum per Annum for the [X1 the] third Three hundred thousand pounds and Eight pounds per Centum per Annu[m] for the remaineing Three hundred and fifty thousand pounds and shall be payable every Three moneths from the respective dates of the Tallyes of loan untill the satisfacc[i]on of the [X2 respective] principall su[m]mes and in every such order it shall be expressed and menc[i]oned that the principall su[m]me conteined therein and the interest thereof shall be paid or payable out of the said yearely su[m]me of Three hundred thousand pounds hereby appropriated and appointed to be paid and supplyed out of the Customes Subsidies or other Dutyes as aforesaid; and all and every such order and orders and the moneys therein to be conteined or any parte thereof shall be assigneable and transferrable without power of revocac[i]on soe as the assignements thereof be endorsed upon the respective orders and entered or notified in the Office of the Auditor of the Receipt of the Exchequer; in a Booke to be there kept for that purpose; And [X2 that] all and every the su[m]me and su[m]mes of money soe to be lent to His Majestye, upon the Creditt of the said yearely su[m]me of Three hundred thousand pounds shall be free from all manner of Taxes and Imposic[i]ons, imposed or to be imposed by Parliament or otherwise howsoever:-

Editorial Information

X1 O. omits.

X2 interlined on the Roll.