# Taxation Act 1700, Section XXVI: Reasons for this Enactment.


Treasury may compound for Debts due from insolvent Collectors and others; and upon Payment of Composition give a Discharge.
And whereas many Persons who pay Duties of Excise and Salt and some Collectors of the said Duties and of the late Duties on Malt and Leather have by Accidents failed in their Credit and may hereafter fail and they and their Securities become insolvent being indebted to His Majesty for the said Duties or for Moneys collected for the the same and though incapable to pay all the Moneys due or to grow due from them to His Majesty may notwithstanding by the Assistance of Friends and Relations be capacitated to pay Part of their said Debts which they would in many Cases do if a Composition could be made for the same and such Persons could be discharged of the Remainders of the said Debts but for want of sufficient Authority to make such Compositions such Debts do and may frequently become wholly and utterly lost For Remedy whereof be it enacted by the Authority aforesaid That it shall and may be lawfull for the Commissioners of His Majesties Treasury or any Three or more of them or Lord High Treasurer or Commissioners of His Majesties Treasury for the Time being for any such Debts incurred before the Five and twentieth Day of March One thousand seven hundred and one to make such reasonable Compositions as to him or them shall seem meet and upon Payment of the Money compounded for. in case he or they shall think it reasonable by Warrant to the Commissioners of Excise to discharge the Remainder of the Debt or Debts so compounded.

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Source: https://www.legislation.gov.uk/aep/Will3/12-13/11/section/XXVI (the official version)
Page: https://openlegislation.uk/taxation-act-1700/section-XXVI
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.