The Residuary Account.

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CHAPTER XX.

DISSERTATIONS ON THE RESIDUARY ACCOUNT FORM NO. 3, AND THE VARIOUS MARGINAL NOTES PRINTED THEREON.

IN this chapter we shall supply as much information as possible with a view to enable persons to comply with the requirements involved in the proper rendering of the residuary

account.

We shall set out the residuary form in its normal state, just as it would be received from Somerset House, or from a Stamp Distributor.

Presenting the form in this shape will not be void of advantage, for it will, in the first place, serve as a text so to speak from which to expound our meaning.

At first sight it may appear superfluous to insert a blank form, as the reader may imagine that a similar form, filled up, will afterwards present itself several times. This will not be So. We shall, in the various illustrations, omit marginal notes and such other portions as are not pertinent to the suggestions and explanations adduced. And in all the forms given we shall use as few figures as possible—our main design being to exhibit grounds and principles, rather than confuse the eye with legions of figures. For we maintain that an example of five sets of numbers-say, for example, a schedule of debts— will be as effectual as one of fifty, and one of fifty as cogent as another of five hundred. Besides, the chances are, that make the figures as numerous as we may, no real account will ever be found to precisely correspond therewith as regards its assets -its liabilities-its peculiarities-and its contingencies; and hence our reason for the use of few figures will, we hope, be appreciated.

The following four pages contain the residuary account form before referred to.

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The Residuary Account Form.

N.B.-This Account should be delivered in duplicate either personally or by an agent at the Head Office in London, or at a Stamp Office in the Country, and not sent by post.

This Form is for Property chargeable under the Legacy Duty Acts.

A separate Form is supplied for Property chargeable under the Succession Duty Act.

No. 3.

RESIDUARY ACCOUNT-INLAND REVENUE.

FORM OF ACCOUNT of Personal Estate, and of Moneys arising from the sale, mortgage, or other disposition of Real Estate directed by Will 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 Administrators, 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 London, or to the Distributor in whose District they reside, and pay the Duty thereon within 14 Days after, under the Penalty of treble the value of the Duty.

2. All Rents, Dividends, Interest, and Profits arising from the Personal Estate of the Deceased, or from the Real Estate directed by Will to 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.

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Note.-Upon Reversions falling in, state the date of the death of the Tenant for Life.

Separate Papers are to be annexed to the Account to show

how these Totals are made up.

The Residuary Account Form.

Net Amount of Property brought forward.........£
ACCUMULATIONS OF Interest, Dividends, Rents, &c.
Rents of Real and Leasehold Estates directed to be Sold to)
the time of Sale, if Sold; if not, to the Date of this Account
Dividends on the Stocks and Funds Sold to the time of Sale
and of those remaining Unsold, including the last Dividends
Interest on Exchequer Bills Sold or Paid off to the time of
Sale or Payment, and of those remaining Unsold, to the
Date of this Account...

Interest on Bonds, Mortgages, and other Securities Paid off,
to the Day of Payment, and of those outstanding, to the
Date of this Account.

Interest at 4 per Cent. on £

being the Balance of Cash

in Hand as on the other side, to the Date of this Account...
Income of Canal, Railway, and other Shares, to the time of)
Sale, and of those remaining Unsold, and on other Pro-
perty, yielding an Income not included in any of the above
Items, to the Date of this Account

The Value of the Benefit accruing to the Executor or other
Person entitled to the Residue from the Interest of Money
or Dividends of Stock retained to answer vested or con-
tingent Legacies, payable at a future day, without the inter-
mediate Interest or Dividends.....

A Schedule Debts still due from the Estate........

or Particulars Retained to pay Outstanding Legacies

of these De

ductions to be annexed.

Total Deductions............£

Net Residue............£

No. 3.

State whether this Sum is the whole or what part of the Re

sidue. Insert

the

Deduct any Portion of the Residue not liable to Duty, or for
which Duty is paid on separate Receipts, viz.

Residue on which Duty is chargeable.............

do declare that the

Christian offer to pay the Sum of £

and Surnames Cent. upon the Sum of £

of the Residu- Moneys to which

ary Legatees

or Next of Kin, or for the use of

and their Rela- the Deceased.

tionship orCon

sanguinity, in

the words of the Act, as set forth on the other side.

Dated this

Residuary Account Form.

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Rates of Duty payable on Legacies, Annuities, Residues, &c., of the Amount or Value of £20 and upwards by Stat. 55 Geo. III., c. 184.

Description of the Residuary Legatee, or next of Kin, to be in the following words of the Act.

To Children of the Deceased, and their Descendants, or to the Father or Mother, or any Lineal Ancestor of the Deceased, or to the Husbands or Wives of any such Persons....

To Brothers and Sisters of the Deceased, and their De-) scendants, or to the Husbands or Wives of any such Persons..

To Brothers and Sisters of the Father or Mother of the Deceased, and their Descendants, or to the Husbands or Wives of any such Persons....

To Brothers and Sisters of a Grandfather or Grandmother of the Deceased, and their Descendants, or to the Husbands or Wives of any such Persons...

To any Person in any other Degree of Collateral Consanguinity, or to Strangers in Blood to the Deceased.....

Where any Legatee shall take Two or more distinct Legacies or Benefits under any Will or Testamentary Instrument, which shall together be of the Amount or Value of £20, each shall be charged with Duty, although each or either may be separately under that Amount or Value.

The Husband or Wife are not subject to the Duties on Legacies, Annuities, and Residues.