Another Captial GainsTax question

I searched the forum but couldn?t find similar question asked anywhere.

I have exchanged contract for a land purchase in Oct 2014. Land settles in July 2015.

If I sell the land in Nov 2015, my understanding is that I have to pay capital gains tax for 50% of the profit made?

But what is the rule if I build a house and sell it in Nov 2015? Would the same rule applies?

Another Captial GainsTax question