1.5 A note about the legislation and some conventions used in this book
In determining the tax implications of a transaction involving both landlord and tenant, the tax legislation will invariably be the first place to go to. In most cases, it will be obvious which particular statute will be relevant to the question to be determined. However, as far as the direct taxes are concerned, one should tread with caution, since the relevant legislation depends on the status of the parties. For example:
•Individuals are subject to income tax on their business revenue profits, and pay capital gains tax on their capital gains.