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2The compensation for redemption shall be such sum as in the opinion of the Board is sufficient, after payment of the cost of investment, to produce when invested in Government securities a permanent annuity equal to the gross annual value after deducting from that value the average amount paid or payable by the tithe owner in respect of the rentcharge for the three years immediately preceding the date of the application to redeem on account of rates and land tax, and-such sum not exceeding two and a half per cent. of the gross annual value as in the opinion of the Board represents the necessary cost of collection of the rentcharge.
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