Income Tax Act 2007 section 132

Transactions in securities: appeals to House of Lords

Section 132 provides transitional rules so that references to the Supreme Court in the appeal provisions for transactions in securities are read as references to the House of Lords until the relevant part of the Constitutional Reform Act 2005 came into force.

• This paragraph applied during the transitional period before paragraph 47 of Schedule 9 to the Constitutional Reform Act 2005 took effect, which transferred the judicial functions of the House of Lords to the new Supreme Court.
• Until that transfer, all references to the Supreme Court in section 710 (which deals with appeals from the High Court or Court of Session in transactions-in-securities cases) were to be read as references to the House of Lords.
• The route for further appeal from the Court of Appeal during the transitional period required leave to be given under section 1 of the Administration of Justice (Appeals) Act 1934, rather than leave of the Court of Appeal or the Supreme Court.
• Similarly, the reference to the Supreme Court in section 711(4), which deals with proceedings in Northern Ireland, was to be read as a reference to the House of Lords during the same transitional period.