Re Rose

Facts

Rose signed transfers of shares and gave them to the transferees in March 1943. The company registered them in June 1943. The tax case turned on when the gift was made.

Issue

When was the gift complete?

Held

In March. The Court of Appeal held that once the donor had done everything in his power, the gift was complete in equity, though legal title passed later.

Principle

A gift is complete in equity when the donor has done everything he alone must do.

Why it matters

It is a major qualification of Milroy v Lord.

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