Oughtred v IRC (1960) AC 206
In this case there were shares in a private company that were settled on a mother for life and then on her son absolutely.
The two parties made an oral agreement whereby the son exchanged his reversionary interest in the settled shares for shares in the same company held by his mother as absolute owner.
Later they executed a deed releasing the trustees accordingly and reciting that the settled shares were now held for the mother absolutely. Later on that very same day the trustees transferred the settled shares to the mother. The issue was whether that transfer was chargeable for stamp duty as a conveyance on sale.
The majority of the House of Lords held that it was chargeable regardless of whether the son's reversionary interest had previously passed under the oral agreement.
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