Commentary on Sections Overview Overview Section 713: Interpretation of Chapter
2121.This section is interpretative. It is based on section 709(2) of ICTA.
2122.In CIR v Joiner (1975), 50 TC 449 HL(5) Lord Diplock said (at page 487):
“In the instant case the explanation in [what is now section 709(2) of ICTA] of the expression “transaction in securities”, though introduced by the word “includes”, speaks of “transactions, of whatever description, relating to securities” as well as referring to particular examples of such transactions. This is so extensive as to leave no possibility of there being any transaction which could sensibly be described as a “transaction in securities” without also falling within the longer description in the interpretation clause. So it is no more than a direction to the reader: “Whenever you see the words “transaction in securities” in this Chapter of the Statute you must treat them as being shorthand for the whole of the words in [what is now section 709(2)] that are preceded by the verb “includes” [in the fourth place in which it occurs].””
2123.Buckley J and Lord Simon of Glaisdale had made the same point in Greenberg v CIR (1971), 47 TC 240 at pages 260 and 282.
2124.This section therefore expressly rewrites the definition of “transaction in securities” as exhaustive.