¶ When directed by the will or deed of settlement to be sold or uplifted. Heritable estate, if not directed to be sold, is chargeable with succession duty. (t) The statement may be in this form : And then there will be carried into the account the following : : Burgage property sold as per statement, . £2000 0 0 And so with the other items. II. PROPERTY STILL UNSOLD. House and Garden at Corstorphine called Tipton, occupied by (Insert the Total of Column No. 1 in Column No. 2), £ (Deduct the Total of the payments from the Total of the property), Nett amount of Property carried down, To show the balance of cash, if any.(u) Total of Column No. 1, £ : : £ the various investments until the NOTE FOR The Distributor to certify that legal evidence has been produced to him of these Payments; and a Schedule of these Deductions, signed by the Trustee or Executor is to be annexed. Note.-Upon reversions falling in, state the date of the death of the liferenter. Separate papers are to be annexed to the account to show how these totals are made up. Nett amount of property brought forward, Rents of heritable estate directed to be sold, to the Dividends on the stocks and funds sold, to the time Profits of farm or business, to the date of this account, Interest on bonds and other securities paid off, to the being the balance of cash in hand, as on the other side, to the date Total, J (Deduct the total amount of these payments from the £ Deduct any portion of the Residue not liable to duty, or for which duty is paid on separate receipts-viz.,(y) Residue on which duty is chargeable,(z) DECLARATION. (a) £ 8. d. The Dis tributor to certify that annexed. to be of £ do declare that the foregoing is a just and true account. offer to pay the sum of £ per cent. upon the sum of £ residue and moneys to which own use, or for the use of for the duty, after the rate this Sum being of the said is the whole part of the entitled and intend to retain to or what of the deceased. Residue. being 18. (Here sign the account)(b) (w) Debts may be unpaid for various reasons: they may be disputed; the creditor may have recently died, and so forth. (x) The legatee may be an infant, or be resident abroad, or have mortgaged his legacy to one and sold the remainder of his interest to another, or other circumstances may render it inexpedient to pay the legacy at the time. In such cases, the board insist on the duty on the legacies being paid before permitting them to be claimed as deductions from the estate. (y) The widow's portion fails to be deducted. Where also legatees are in different degree of kin to the deceased, they must not all be inserted in the declaration, as the Board will not stamp one document with several rates of duty. Insert the and Surnames of the Residuary or Next-ofKin, and Where the executor is not one of Legatees the residuary legatees, it is preferable to transfer the whole of the residue their to legacy receipts, and get the legatee's Relationsignature thereto. This will save a ship or Consanguinspecial receipt. ity, in the (2) The duty must be paid at the words of the time the account is passed. Act, as set (a) The whole of the beneficiaries' forth in § 293 names must be inserted in the declaration. Where any who acquired vested interests have died, the names of the representatives of such must be given. In such cases two duties may be payable. (b) The executor must himself date and sign the account, or one executor may sign for himself and the others. The signature of an agent is not sufficient. supra. £ ASSESSMENT. The duty on the within-mentioned sum of £ per cent., is assessed at £ By the Commissioners Legacy Duty Department, Edinburgh, RECEIPT FOR DUTY. £ Registered Duty charged Control Clerk. Comptrolled Comptroller of Stamps and Taxes. 307. Time for rendering the Residuary Account.-There is no time fixed within which the account requires to be rendered, but it should be rendered as soon as possible after the death, as duty is payable on the accumulation of the property, and interest is also chargeable at 4 per cent. on the balance of cash in the hands of the executor. 308. The rendering of the Account Compulsory.-Excepting in the case of a widow, where she is the sole residuary legatee, an account must be lodged in every case, even in cases of insolvency, or where the residuary legatees receive less than £20 each, in order that the Commissioners may satisfy themselves as to the liability of the estate to duty. 309. Accounts delivered in the Country.-Executors may render the account and pay the duty thereon to the stamp-distributor of the county or district in which they reside. Each distributor transmits the receipts and residuary accounts left with him to the head-office at stated times, and these are afterwards returned duly stamped and registered, to be redelivered to the persons to whom they belong. II. THE SUCCESSION DUTY. 310. The Succession Duty Act.-This Act came into operation on 19th May, 1853(c), and it is retrospective in its operation as to the property chargeable with duty, and as to the mode of (c) 16 & 17 Vict. c. 51, § 54. |