John Peter is aware that there is no Capital Gains tax in Jamaica. He decided to buy a large piece of land. The land was hilly, so he blasted it to make it flatter, installed a soak away so the water does not settle on the land and made several roadways for ease of access. Six months after he purchased the land, he subdivided the area and sold it in lots to 30 separate persons, thereby making a large gain.

Required

Advise Mr. Peter how these gains would be treated for tax purposes in Jamaica. Use 2 Appropriate case laws should be included in your answer.