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 email@example.com, 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 firstname.lastname@example.org, 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
11:28 AM, 26th March 2016, About 7 years ago
Reply to the comment left by "Mark Alexander" at "26/03/2016 - 10:34":
Different Ramsay, Mark!
The "Ramsay Principle" came about to overcome tax avoidance, based on three elements. Firstly, a scheme or plan to avoid the payment of tax otherwise payable. Secondly, artificial steps for which there is no commercial justification. Thirdly, if each artificial step is considered in isolation, the tax liability is expunged, but if the scheme is regarded as a whole, the liability is only disguised.
Personally, I don't think anyone need worry that incorporating their business utilising a BICT has anything to do with the Ramsay Principle. That doesn't mean to say it isn't a complex decision (which it is) but I suspect some are possibly justifying not pursuing this route on the grounds of if it sounds too good to be true it must be dodgy!
11:55 AM, 26th March 2016, About 7 years ago
Reply to the comment left by "Nicholas Dickinson" at "26/03/2016 - 11:28":
Good luck to you - I am just a bit more nervous of getting the authorities involved in my tax affairs - it could be very damaging for my career.
"If you are offered a way to pay less tax that sounds too good to be true, it probably is and be aware, HMRC never approves any scheme."
12:38 PM, 26th March 2016, About 7 years ago
Reply to the comment left by "H B" at "26/03/2016 - 11:55":
Totally agree, but let's analyse what I am doing . . .
1. I am selling my property business to a company and the CGT that arises as a result of the sale is being rolled into the shares of the company. It will be payable if/when the shares are sold.
2. I am accounting for the SDLT on the "sale proceeds"
3. The company will pay corporation tax on its future profits
4. I will pay income tax on any future drawings I make from the company (subject to claiming whatever personal allowance and future dividend allowances are permitted by law)
None of these steps constitutes "a way to save tax that sounds too good to be true"
21:12 PM, 27th March 2016, About 7 years ago
Some of you are aware that we have been battling with HMRC about paying the extra 3% stamp duty on our main residence as we have been renting longer than the 18, then 36 months they included. We have just received this back, we are very happy!
I refer to your queries of 8, 9, 16, 17 and 18 March regarding the how the new higher rates will apply to your purchase of main residence for you and your family.
At Budget, on 16 March 2016, the government confirmed the final policy design for the higher rates of stamp duty land tax for purchases of additional residential properties. Full details of the changes can be found at https://www.gov.uk/government/publications/stamp-duty-land-tax-higher-rates-on-purchases-of-additional-residential-properties. The response to the recent consultation on the higher rates is also available at: https://www.gov.uk/government/consultations/consultation-on-higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional-residential-properties.
With regards to whether the higher rates will apply when you purchase a new property which you intend to use as a main residence, following consultation the government has decided that if a purchaser disposed of a main residence before 26 November 2015 the higher rates will not apply if they purchase a new main residence on or before 26 November 2018, even if they own other residential property. As you disposed of your previous main residence in 2006 the purchase of new main residence on or before 26 November 2018 will not attract the higher rates, provided you have not owned another main residence in the interim period.
The transfer of property from yourself to a limited company with which you are connected with (e.g. a shareholder of) is liable to SDLT on the market value of the properties at the time of transfer (see SDLTM30220). If the transfers take place on or after 1 April 2016 the higher rates will apply. If following the transfer of the buy-to-let properties to the company you purchase a residential property in your own name the higher rates will not apply provided you own no other residential property at the time of purchase.
Jane Ewart | Policy Adviser | Stamp Taxes |
21:29 PM, 27th March 2016, About 7 years ago
That's great news, thanks for sharing with us!
Dr Rosalind Beck
10:01 AM, 28th March 2016, About 7 years ago
Please sign and share this petition:
If this idiot goes then we have more chance of someone else coming in who will reverse C24. GO is having to reverse so many decisions that he will be likely to hang onto C24 until it has caused havoc throughout the PRS and wider economy; someone else might see sense sooner. Get Osborne out!
10:21 AM, 28th March 2016, About 7 years ago
I cannot read this. If we are to have such a petition it should be very well written, considered and factial. Countering the nonsense they have said about this. If we had such a petition I would sign it. It would be interesting to have a petition so succinct and well written with no emotion. Just rip the policy to shreds and let them debate it. That I would like to see and hear. I am not able to do this but from what I have seen, others are. Anyone want to start a thread and post some drafts? Of course they may not accept another similar petition so it would need to be titled and drafted accordingly
11:01 AM, 28th March 2016, About 7 years ago
Reply to the comment left by "Ros ." at "28/03/2016 - 10:01":
Signed and shared on FB.
12:29 PM, 28th March 2016, About 7 years ago
I agree with Nicholas Dickinson that Ramsay isn't a concern with the 'BICT scheme.' We could both be wrong, but I agree with him.
I think there are three points on which the scheme might come unstuck.
i) Lenders might object and call in the loans or charge more to lend to the scheme. Not clearing the scheme with lenders would nag away at me.
ii) GAAR might render the scheme useless. Whether the fees were covered or not, I wouldn't want to be one of the test cases if HMRC decided to pursue this route.
iii) The scheme might be deemed to be notifiable under DOTAS rules. It might not be notifiable, but again, I wouldn't want to be one of the test cases if HMRC decided to pursue this route. The wording of DOTAS that makes me look at this is
'...a tax arrangement may need to be disclosed even if HMRC is already aware of it or it is not considered to be avoidance. A tax arrangement should be disclosed where:
it will, or might be expected to, enable any person to obtain a tax advantage
that tax advantage is, or might be expected to be, the main benefit or one of the main benefits of the arrangement...'
There have been scores of schemes that were offered with supporting QC opinion that they were valid, robust and defensible that HMRC has subsequently defeated. Often at great cost to the participants of the schemes.
Also worth noting that if HMRC suspects a person of tax avoidance, it can impose an obligation to pay, on account, the amount HMRC considers represents understated tax. An Advanced Payment Notice can be issued even before the tax liability is assessed!
Usually this only applies to participants of notified tax avoidance schemes.
This rule was introduced in the Finance Act 2014 and has been appealed by taxpayers vigorously, but to no avail (most notable Rowe). The very latest ruling that supports HMRC's ability to do this was the High Court dismissing a claim for a Judicial Review on aspects of the matter
If you want to, you can read the transcript of that judgment here
None of this says that the BICT arrangement is anything other than the perfect solution for some people. It could very well be just that.
13:28 PM, 28th March 2016, About 7 years ago
Reply to the comment left by "Jon Pipllman" at "28/03/2016 - 12:29":
Excellent points Jon and I agree with the three potential risks you highlight. On the latter two I take the view that this is not a "scheme" in the same vein as tax avoidance schemes are typically established, but I acknowledge HMRC may take a different view. On the former, it is imperative that landlords first check their mortgage conditions to establish they would not be breaching them. In doing so they may find all sorts of breaches they are currently unwittingly committing, but I suspect that transferring the beneficial interest will not be among them! I totally understand the "nagging away" feeling and one should always have a plan B in business. I tend to find that alleviates the nag 🙂