Thank you for your reply.
1. Just to clarify, I am a non-resident, living in Malaysia, and not deriving any other income from UK until the properties are completed and I will start to earn some rental income.
You would only be liable to UK income tax once you start getting rental income.
2. I asked whether it is advisable to sell before or after completion. I presume from your answer that the only difference is whether I sell before 5th April 2015 or after that date.
As stated in my previous posting, CGT would come into play if you sell the property post 5 Apr 2015
3. I asked about the applicable rate on the capital gains tax. Based on your answer, what is the threshold income that would attract 18%, and the threshold income that would attract 28%. In the absence of other UK income, I expect my total capital gain from the disposal, and therefore my total UK income, to be not more than Stg70,000.
The threshold for tax year 2014-15 is
income and/or gain up to £31,865 - cgt rate18%
£31,865+ - cgt rate 28%
so if the gain was £70,000 then CGT would be (31,865 x 18%) + (38,135 x 28%) = £16,414
4. My understanding is that income from rental from student accommodation does not attract income, as part of existing tax incentives to encourage supply of student accommodation. Does this tax exemption also apply to capital gains on sale of student accommodation?
CGT applies to all chargeable gains including properties used as student accommodation.
I hope this is helpful and answers your questions.