Property118 Ltd understands that your privacy is important to you and that you care about how your personal data is used and shared online. We respect and value the privacy of everyone who visits this website, www.property118.com
(“Our Site”) and will only collect and use personal data in ways that are described here, and in a manner that is consistent with Our obligations and your rights under the law.
- Definitions and Interpretation
In this Policy the following terms shall have the following meanings:
||means an account required to access and/or use certain areas and features of Our Site;
||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;
||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;
||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and
||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.
- Information About Us
- Our Site is owned and operated by Property118 Ltd, a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.
- Our VAT number is 990 0332 34.
- Our Data Protection Officer is Neil Patterson, and can be contacted by email at firstname.lastname@example.org, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.
- What Does This Policy Cover?
- Your Rights
- As a data subject, you have the following rights under the GDPR, which this Policy and Our use of personal data have been designed to uphold:
- The right to be informed about Our collection and use of personal data;
- The right of access to the personal data We hold about you (see section 12);
- The right to rectification if any personal data We hold about you is inaccurate or incomplete (please contact Us using the details in section 14);
- The right to be forgotten – i.e. the right to ask Us to delete any personal data We hold about you (We only hold your personal data for a limited time, as explained in section 6 but if you would like Us to delete it sooner, please contact Us using the details in section 14);
- The right to restrict (i.e. prevent) the processing of your personal data;
- The right to data portability (obtaining a copy of your personal data to re-use with another service or organisation);
- The right to object to Us using your personal data for particular purposes; and
- If you have any cause for complaint about Our use of your personal data, please contact Us using the details provided in section 14 and We will do Our best to solve the problem for you. If We are unable to help, you also have the right to lodge a complaint with the UK’s supervisory authority, the Information Commissioner’s Office.
- For further information about your rights, please contact the Information Commissioner’s Office or your local Citizens Advice Bureau.
- What Data Do We Collect?
- Date of birth;
- Address and post code;
- Business/company name and trading status;
- Number of properties owned;
- Accountants details;
- Contact information such as email addresses and telephone numbers;
- Proof of residence and ID;
- Financial information such as income and tax status;
- Landlords insurance renewal dates;
- Property Portfolio details such as value and mortgage outstanding;
- How Do We Use Your Data?
- All personal data is processed and stored securely, for no longer than is necessary in light of the reason(s) for which it was first collected. We will comply with Our obligations and safeguard your rights under the GDPR at all times. For more details on security see section 7, below.
- Our use of your personal data will always have a lawful basis, either because it is necessary for our performance of a contract with you, because you have consented to our use of your personal data (e.g. by subscribing to emails), or because it is in our legitimate interests. Specifically, we may use your data for the following purposes:
- Providing and managing your access to Our Site;
- Supplying our products and or services to you (please note that We require your personal data in order to enter into a contract with you);
- Personalising and tailoring our products and or services for you;
- Replying to emails from you;
- Supplying you with emails that you have opted into (you may unsubscribe or opt-out at any time by the unsubscribe link at the bottom of all emails;
- Analysing your use of our site and gathering feedback to enable us to continually improve our site and your user experience;
- Provide information to our partner service and product suppliers at your request.
- With your permission and/or where permitted by law, We may also use your data for marketing purposes which may include contacting you by email and or telephone with information, news and offers on our products and or We will not, however, send you any unsolicited marketing or spam and will take all reasonable steps to ensure that We fully protect your rights and comply with Our obligations under the GDPR and the Privacy and Electronic Communications (EC Directive) Regulations 2003.
- You have the right to withdraw your consent to us using your personal data at any time, and to request that we delete it.
- We do not keep your personal data for any longer than is necessary in light of the reason(s) for which it was first collected. Data will therefore be retained for the following periods (or its retention will be determined on the following bases):
- Member profile information is collected with your consent and can be amended or deleted at any time by you;
- Anti-Money Laundering information and tax consultancy records are to be kept as required by law for up to seven years.
- How and Where Do We Store Your Data?
- We only keep your personal data for as long as We need to in order to use it as described above in section 6, and/or for as long as We have your permission to keep it.
- Some or all of your data may be stored outside of the European Economic Area (“the EEA”) (The EEA consists of all EU member states, plus Norway, Iceland, and Liechtenstein). You are deemed to accept and agree to this by using our site and submitting information to Us. If we do store data outside the EEA, we will take all reasonable steps to ensure that your data is treated as safely and securely as it would be within the UK and under the GDPR
- Data security is very important to Us, and to protect your data We have taken suitable measures to safeguard and secure data collected through Our Site.
- Do We Share Your Data?
- We may share your data with other partner companies in for the purpose of supplying products or services you have requested.
- We may sometimes contract with third parties to supply products and services to you on Our behalf. Where any of your data is required for such a purpose, We will take all reasonable steps to ensure that your data will be handled safely, securely, and in accordance with your rights, Our obligations, and the obligations of the third party under the law.
- We may compile statistics about the use of Our Site including data on traffic, usage patterns, user numbers, sales, and other information. All such data will be anonymised and will not include any personally identifying data, or any anonymised data that can be combined with other data and used to identify you. We may from time to time share such data with third parties such as prospective investors, affiliates, partners, and advertisers. Data will only be shared and used within the bounds of the law.
- In certain circumstances, We may be legally required to share certain data held by Us, which may include your personal data, for example, where We are involved in legal proceedings, where We are complying with legal requirements, a court order, or a governmental authority.
- What Happens If Our Business Changes Hands?
- How Can You Control Your Data?
- In addition to your rights under the GDPR, set out in section 4, we aim to give you strong controls on Our use of your data for direct marketing purposes including the ability to opt-out of receiving emails from Us which you may do by unsubscribing using the links provided in Our emails.
- Your Right to Withhold Information
- You may access certain areas of Our Site without providing any data at all. However, to use all features and functions available on Our Site you may be required to submit or allow for the collection of certain data.
- How Can You Access Your Data?
You have the right to ask for a copy of any of your personal data held by Us (where such data is held). Under the GDPR, no fee is payable and We will provide any and all information in response to your request free of charge. Please contact Us for more details at email@example.com, or using the contact details below in section 14.
- All Cookies used by and on Our Site are used in accordance with current Cookie Law.
- Before Cookies are placed on your computer or device, you will be shown a cookie prompt requesting your consent to set those Cookies. By giving your consent to the placing of Cookies you are enabling Us to provide the best possible experience and service to you. You may, if you wish, deny consent to the placing of Cookies; however certain features of Our Site may not function fully or as intended. You will be given the opportunity to allow only first party Cookies and block third party Cookies.
- Certain features of Our Site depend on Cookies to function. Cookie Law deems these Cookies to be “strictly necessary”. These Cookies are shown below in section 13.5. Your consent will not be sought to place these Cookies, but it is still important that you are aware of them. You may still block these Cookies by changing your internet browser’s settings as detailed below in section 13.9, but please be aware that Our Site may not work properly if you do so. We have taken great care to ensure that your privacy is not at risk by allowing them.
- The following first party Cookies may be placed on your computer or device:
|Name of Cookie
||Used only to collect performance data, with any identifiable data obfuscated
||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.
- Our Site uses analytics services provided by Google Analytics and Facebook. Website analytics refers to a set of tools used to collect and analyse anonymous usage information, enabling Us to better understand how Our Site is used. This, in turn, enables Us to improve Our Site and the products AND/OR services offered through it. You do not have to allow Us to use these Cookies, however whilst Our use of them does not pose any risk to your privacy or your safe use of Our Site, it does enable Us to continually improve Our Site, making it a better and more useful experience for you.
- The analytics service(s) used by Our Site use(s) Cookies to gather the required information.
- The analytics service(s) used by Our Site use(s) the following Cookies:
|Name of Cookie
||First / Third Party
|__utma, __utmb, __utmc, __utmt, __utmz
||Helps to understand how their visitors engage with our website
||Helps to understand how their visitors engage with our website
- In addition to the controls that We provide, you can choose to enable or disable Cookies in your internet browser. Most internet browsers also enable you to choose whether you wish to disable all cookies or only third party cookies. By default, most internet browsers accept Cookies but this can be changed. For further details, please consult the help menu in your internet browser or the documentation that came with your device.
- You can choose to delete Cookies on your computer or device at any time, however you may lose any information that enables you to access Our Site more quickly and efficiently including, but not limited to, login and personalisation settings.
- It is recommended that you keep your internet browser and operating system up-to-date and that you consult the help and guidance provided by the developer of your internet browser and manufacturer of your computer or device if you are unsure about adjusting your privacy settings.
- Contacting Us
8:00 AM, 23rd March 2016, About 7 years ago
Reply to the comment left by "Paul McCready" at "22/03/2016 - 22:53":
Not if you use a BICT. You are not "moving" the properties anywhere! Legal title, which is what the mortgage is attached to stays in your own name. Beneficial interest, which is what tax relates to is transferred
8:12 AM, 23rd March 2016, About 7 years ago
What about taking out option agreements from a limited company ? The contract relieves the borrower of the mortgage whilst still in there name and the limited company takes the rent and pays the mortgage.
We have a tax expert looking at this today if this is possible it will cost very little will keep people posted. We have options on several houses and it is logged through a solicitor on the land registry u can take an option out for 10 years with option to buy at the end of it. All rents and finance payments are then paid by the limited company and are subject to Corp tax ?
17:46 PM, 23rd March 2016, About 7 years ago
Could you briefly explain why we have to get this deed of trust again before 31st ? My accountant has said there shouldn't be any SDLT involved am I missing something ?
17:50 PM, 23rd March 2016, About 7 years ago
Reply to the comment left by "NW Landlord" at "23/03/2016 - 17:46":
If you incorporate your business then there is SDLT payable unless you can claim the partnership rules exemption. The amount of SDLT is increasing by 3% from 1 April
23:21 PM, 24th March 2016, About 7 years ago
Reply to the comment left by "Neil Patterson" at "16/03/2016 - 14:33":
Perhaps the Government want a piece of the action with the new help to buy scheme! unfair marketing!! I forsee and more homeless & rotting empty houses! Osborne living in his ivory tower!!
9:07 AM, 26th March 2016, About 7 years ago
My concern is that this is a fairly blatant tax avoidance measure that could be declared invalid under the principle of substance over form.
This could result in a future repayment of back taxes and if it is deemed to be particularly egregious, come with a fine attached.
Are you confident that this is not the case and that there is sufficient precedence to ensure that this work?
This is something I picked up from HMRC's website from last year:
"The government had made it perfectly clear that SDLT avoidance schemes…..would not be tolerated, and that retrospective legislation would be used to achieve that objective. The appellants can have been in no doubt about any of that, before they decided to take advantage of a scheme devised purely to circumvent the precise wording of section 45(1A) as it was before the legislative changes."
Not strictly related but is relevant in a substance over form way.
This is also potentially relevant:
" The Targeted Anti-Avoidance Rule, which denies interest relief where avoidance is the sole or main purpose of the arrangements, may also apply."
The HMRC site offers the following guidance on tax avoidance schemes that would likely be declared invalid:
• It sounds too good to be true and cannot have been intended when Parliament made the relevant tax law. For example, some schemes promise to get rid of your tax liability for little or no real cost, and without you having to do much more than pay the promoter and sign some papers
• The tax benefits or returns are out of proportion to any real economic activity, expense or investment risk
• The scheme involves arrangements which seem very complex given what you want to do
• The scheme involves artificial or contrived arrangements
• The scheme involves money going around in a circle back to where it started
• The scheme promoter either provides any funding needed to make the scheme work or arranges for it to be made available by another party
• Offshore companies or trusts are involved for no sound commercial reason
• A tax haven or banking secrecy country is involved
• The scheme contains exit arrangements designed to side-step tax consequences
• There are secrecy or confidentiality agreements
• Upfront fees are payable or the arrangement is on a no win/no fee basis
• The scheme has been allocated a Scheme Reference Number (SRN) by HMRC under the Disclosure of Tax Avoidance Schemes (DOTAS) regime.
Given the uncertainty, the downside risks are quite severe - particularly if it involves fines on top if saved tax.
C24 is a nonsensical outrage but I doubt HMRC is going to be happy about this. The personal risks seem huge if it goes wrong.
Dr Rosalind Beck
9:26 AM, 26th March 2016, About 7 years ago
Reply to the comment left by "H B" at "26/03/2016 - 09:07":
Where does the 'principle of substance over form' come from? That could be equally applicable in the legal arguments against C24 - linking to the idea that it doesn't matter what they now deem to be our (fictitious) profit; only the real, actual profit (substance) matters.
10:22 AM, 26th March 2016, About 7 years ago
Hi Ros, substance over form is a principle of tax law that goes back at least 30 years and is sometimes called the Ramsay principle.
It is still being used to close down tax avoidance schemes. I just do not know whether this trust structure would be deemed covered by the principle. But if HMRC sends me a massive bill in the post as a result, I am not realistically going to take them to the Court of Appeal so would end up paying up. Some are braver than me, so perhaps I will follow in their steps if it is working without challenge after a year or so.
Somehow large companies can somehow ignore this through the use of Luxembourg, off-shore companies and clever internal transactions that transfer all profit to some low tax regime. But as you know, there is one rule for giant corporations (for whom tax is apparently optional) and the little guy, who gets eaten alive by HMRC.
Mark Alexander - Founder of Property118
10:34 AM, 26th March 2016, About 7 years ago
The Ramsay case was in 2013, HMRC lost at second tier tribunal.
11:03 AM, 26th March 2016, About 7 years ago
Reply to the comment left by "Mark Alexander" at "26/03/2016 - 10:34":
You may be thinking of a different case. This is
Ramsay v. IRC from 1981 which established the Ramsay Principle.