is payable during the first four years by equal annual instalments from the commencement of the annuity, and a penalty will be incurred if any of the instalments be not regularly paid. Should the annuitant die before the four years have expired, the date of death must be communicated in writing to the Controller of Legacy Duties.(?)

306. Residuary Account.-The rendering of this account is sometimes attended with considerable trouble to agents; but this we apprehend mainly arises from inattention to the instructions that have been issued by the Board of Inland Revenue, which are as follows::

1. Executors and trustees, before retaining any part of the property to their own use, are to deliver the particulars thereof to the Commissioners of Inland Revenue, or to the stamp distributor in whose district they reside, and pay the duty thereon, within fourteen days after, under a penalty of treble the value of the duty.

2. Two copies must be rendered by executors of each account of residue of a deceased person's estate, lodged by them for the purpose of paying the duty.

3. All rents of heritable estates directed to be sold, and all dividends, interest, and profits arising from the personal estate of the deceased subsequent to the time of his or her death, and all accumulations thereof down to the time of the executor's or trustee's delivering the account, and offering to pay the duty on the residue, must be considered as part of the deceased's personal estate, and must be accounted for accordingly (under one or other of the foregoing heads), pursuant to a decision of the Court of Exchequer in Trinity Term, 1810, in the case of the Attorney-General v. Lord Geo. Hen. Cavendish.

4. Effects not consisting of money or securities for money are to be valued at the time the account is rendered, when inventories and proper valuations thereof will be required to be produced. The stocks are to be valued at the medium price of that day.

5. The values of annuities must be calculated by the tables annexed to the Act of 16 & 17 Vict. c. 51.

6. In cases attended with special circumstances, to which the official form of account may not be exactly suited, they may be introduced into the account, or stated in a separate paper and annexed.

7. Where the residue of the personal estate is given to one for life,

(i) 36 Geo. III. c. 52, § 8; 16 & 17 Vict. c. 51, § 31.

and afterwards to others, a distinct account must be given of the rents, dividends, and interests accrued subsequent to the death of the testator, and of the payments thereout for interest of legacies, and for interest of the testator's debts accrued after his decease, so that the balance due to the residuary legatee for life may appear, and the proper duty be charged thereon.

8. The distributor is to require evidence to be produced to him of the payments taken deduction for in the account, and to certify on account that such evidence has been so exhibited.

9. Even in cases where it appears to executors that no legacy duty is exigible from them, by reason of the deceased's personal estate having proved insufficient to discharge his personal debts, it is still requisite that they should render a residue account of the estate, and produce the corresponding vouchers, in order that it may be ascertained in how far they are entitled to exemption from duty on this

score.

The following is the form of the residuary account issued by the Inland Revenue Office ::

FORM NO. III.-RESIDUARY ACCOUNT,* INLAND REVENUE.-Form of Account of Personal Estate, and of Monies arising from the sale, charge, or other disposition of Heritable Estate directed by Will or Testamentary Deed to be sold, &c., for the purpose of having the legacy and residue duties charged and assessed pursuant to the Acts of 36 Geo. III. c. 52, and 45 Geo. III. c. 28, and 55 Geo. III. c. 184.

DIRECTIONS.

1. Executors and trustees, before the retainer of any part of the property to their own use, are to deliver the particulars thereof at the Legacy Duty Office in Edinburgh, or to the distributor in whose district they reside, and pay the duty thereon within fourteen days after, under the penalty of treble the value of the duty.(k)

2. All rents, dividends, interest, and profits arising from the personal estate of the deceased, or from the heritable estate directed by will to

* This account should be delivered in duplicate either personally or by an agent at the head office in Edinburgh, or at a stamp-office in the country, and not sent by post. (j) This form is for property chargeable under the Legacy Duty Acts. A separate form is supplied for property chargeable under the Succession Duty Act.

(j) It is imperative that the account be delivered in duplicate in manner stated.

(k) The duty here falls to be paid upon the form of legacy receipt given above.

be sold, &c., subsequently to the time of the death, and all accumulations thereof down to the time of delivering the account and offering to pay the duty on the residue, must be considered as part of the estate, and be accounted for accordingly.()

3. In cases of insolvency, or when the shares of the residuary legatees shall not be of the value of £20 each, an account must nevertheless be rendered by the executors in the manner before directed, in order that the commissioners may satisfactorily ascertain that the estate is not chargeable with duty.

An inventory of the deceased's estate was recorded in the SheriffCourt Books of

day of

18

the

AN ACCOUNT of the Personal Estate, and of Monies arising out of State these the Real Estate of

day of exhibited by

who died †
on the particulars
accurately,
One thousand eight hundred and strike
the executor out such

or trustee acting under the will or deed of settlement of the parts as are not applic. deceased, recorded in, or as executor-dative, nominated by the able to the Sheriff of

case.

The duty on the property comprised in this account became payable If the Duty on the death of who died the

became payable on the death of any

than the

[This account should include all the personal estate of the deceased, person other at home or abroad, and any property over which the deceased had a Testator general power of appointment, and also the proceeds or value of any (or Intestate) heritage or real property which the deceased directed to be sold, please insert and also any heritage which the executors or trustees have sold, or ticulars here. intend to sell, under the power conferred by the testamentary deed; with all accumulations to the date of the account.(n)]

+ State here whether the deceased died testate or intestate.

(1) The several items of accumulation are detailed in the end of the form.

(m) The particulars for filling these

blanks are furnished by the letter
which is usually sent by the Board
to the executor.

(n) See §§ 153, 160.

the par

[DESCRIPTION OF PROPERTY.

No. 1, and

Cash in the house,

the date

when con

verted

affixed.

NOTE.-If there should not be room

in this

Form for

the particulars of any description of

the Property,

the total only of the Amount or Value of such Property is to be inserted

here, and

the particulars are to be stated

on a

separate

paper.
The shares

unconverted

are to be

valued at the medium

price of the
day on

which the
Account
is dated.(9)

Cash at the banker's, amount anal th
Furniture, plate, linen, china,
books, pictures, wearing ap-
parel, jewels, and ornaments, (r))
Wine and other liquors,

Horses and carriages, farming
stock, and implements of
husbandry,(s)
Stock in trade,

Good-will, &c., of trade or
business, .

Life Assurance policies,

Rents and feu-duties falling
under executry,

Bonds, bills, notes, and interest
due at the death,
Book and other debts,
Bank shares,-viz.,

Property not converted into money is to be valued at the time the account is rendered and inserted in Column No. 2, and inventories and proper valuations must be produced. (p)

(0) These particulars are necessary to admit of the figures being checked.

(p) This means the value at the date the account is signed. As regards stocks or shares quoted on the Stock Exchange, the value may be taken from the Stock Exchange list, the account in that case being dated to correspond with the date of the quotations. The value of other stocks or shares may be instructed by letters from the secretaries of the companies.

As regards heritable property

directed to be sold, but not sold at the date of the account, it is not positively necessary to produce a valuation by a licensed appraiser. A detailed statement of the rent and deduction from it may suffice.

(q) This means the average price when the prices of the day vary. (r) The appraisement of furniture need not be stamped.

a

(s) Where the deceased was partner in a business, a balance sheet showing the proportion of his assets and liabilities must be produced.

§ Particulars should be given of any legacy, residue, or other property which has vested in the deceased, but which may not at present be available for division, in consequence of its being liferented by persons now living, or from any other cause,

NOTE.-If there should

not be room

in this Form for the particulars of any description of the Property, the total only of the Amount or Value of such Property is to be inserted here, and the particulars are

to be stated

on a

separate

paper.
The stocks
unconverted

are to be
valued at the
medium
price of the

day on which the

Account

is dated.