M is non-resident, not ordinarily resident and not domiciled in the country.
He bought land in UK some 10-12 years ago with a view to redevelop it and possible either occupy it for own purpose or let it (originally a shop/offices premises which was burnt down and belonging to someone).
Commenced development in Yr.2003 - Building works completed in Yr.2005.
Yr.2006 put the property for letting but no tenants to date - though there were few near misses.
Thus lying unoccupied until sold yesterday 4.11.2008. Completion Certificate from the Borough Council not yet obtained. Sale is subject to certificate being obtained which is not a problem as all outstanding works are now complete following the first application of the certificate.
Q. Is this still an investment property, such that the resulting gain will be exempt because of M's status
Q. Will it be construed as business - being development and sale - hence trading in the UK and taxable at Income Tax rates.
Not having a certificate - does this mean property is not complete and therefore could not be available for letting - hence not an investment any longer but a trading asset.
I understand Completion certificate only confirms work is done according to Building Regulations - It does not preclude occupation and hence it was available for letting from Yr.2006 and hence a sale of investment property.
WITH REGARD TO VAT -
AS SALE OF NEW PROPERTY WITHIN 3 YEARS IS VATABLE - CAN HE CLAIM INPUT VAT