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:
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||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:
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||First / Third Party
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||Helps to understand how their visitors engage with our website
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- 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
16:13 PM, 12th April 2016, About 7 years ago
You need to take some urgent professional advice from an accountant with experience of property development. If you build the houses yourself you will definitely pay capital gains tax when you sell the houses at 18% up to the basic rate threshold and 28% after that; if the HMRC classifies you as a speculative property investor rather than someone "in trade", there's a danger they will try and add your gains to your income and try and tax you at 40/45% income tax rates.
Also, is this land part of your property's garden, or could it be presented as such by judicious removal of fences, hedges etc? When did you buy it? If the land qualifies as part of your Principal Private Residence, then any capital gains if you sell the land will be tax-free provided it is less than half a hectare (1.2 acres), which appears to be the case here unless you already have a big garden. You could then sell the land to a new development limited company set up and controlled by yourself, and the cost of the land (40-50% of the eventual value) will be free of CGT. Your development company would then build the houses and sell them, or perhaps keep one as an investment to rent out, and would pay corporation tax at 18-20% on the profits. You could then wind up the company and you will have paid much less tax than if you build the houses as a private individual.
It is perfectly possible to have two titles within the boundary of one residential house, so provided you have managed the adjoining land like a garden, have an access route from your house, can demonstrate long-term ownership and that you have used it like a garden/orchard/wildlife reserve, then you will have a strong case that the land is part of your principal residence and therefore free of CGT when sold.
16:14 PM, 12th April 2016, About 7 years ago
Reply to the comment left by "Tony Atkins" at "12/04/2016 - 16:13":
Chaz - I would also add that you need to be careful and get your facts sorted out first as regards this land: there are cases where someone got planning permission for a new house in their back garden, built a fence to separate the two plots, sold the land, and was hit for a heavy CGT bill by the Revenue, because they argued the fence meant it had ceased to be a normal part of the garden and was therefore no longer part of the residential curtilage.
If you decide not to proceed the construction, I'm a small developer and might be interested in buying the land off you!
8:24 AM, 13th April 2016, About 7 years ago
Would the CGT liability be nil if :
1. If you were to sell your existing house and start living in the new build? Or 2. Declare the new build as main residence while keeping the existing house and than sell the new build some time later getting the PPR relief?
I agree that limited company is better for trading purposes.
11:44 AM, 13th April 2016, About 7 years ago
If I've understood you correctly:
Scenario 1: you would be acting as a self-builder here, i.e. building your own new Principal Private Residence on land you already own. The rules allow a transitional period of up to a year in which you can have two PPRs at the same time, to cover situations when you are renovating an old house whilst living in your existing PPR, or where you are building a new home, as here. So if you carried on living in your current house, built the new one, then moved into the new house and immediately sold the old one, there would no CGT to pay on either property.
You could also keep the old house and rent it out, perhaps with a BTL mortgage. You would then benefit from continuing house prices on this old house, and when you eventually sell, you would still get PPR relief for the period you lived in it, plus an 18-month grace period. So for example if you lived in the house for five years including the time spent building the new one, then rented the old house out for another five years, then sold it, you would only be liable for CGT on 3.5 years out of the total 10. You would also get the so-called Lettings Allowance, and if the old house were jointly owned by you and a partner, you would also get two lots of annual CGT allowance.
The self-build approach would also have the advantage that you would not need to pay any Community Infrastructure Levy (CIL), if your planning permission includes that. Self-builders are exempt from CIL.
Scenario 2: this is similar to what I've outlined above, but you would be selling the new house after a few years rather than the old one. Again, you would be exempt from CGT for the years you live in each residence. The great advantage of moving into the new house is that you pay no CGT on the increase in value during construction. If you declare the new house as your PPR, you need to provide clear evidence that you have actually lived there as well.
Scenario 3: you said you have permission for two new houses. You could consider doing a phased approach to the construction, all to save on CGT. In other words, live in the Old House while you build New House 1. Move into New House 1, which will include the land available for New House 2. Sell the Old House to raise cash if you need this, or at another time that suits you. Now start building New House 2 whilst living in New House 1. Move into New House 2 as your new self-built home, and sell New House 1 if you need the money, or at another time that suits you. Total CGT bill = zero, except for CGT on any price increases on Old House or New House 1 if you keep them for a while after moving out.
You should have three years in your planning permission to build both houses, so this gives you ample time to finish New House 1, move into it and establish residency, then build New House 2 and move into it as your final new home.
Again, you should check all this with a tax accountant, and it's not worth being too clever and only living in New House 1 for 3 months before moving into New House 2. If HMRC think you are abusing the spirit of the PPR rules and acting as a speculator, they will clobber you and try and tax your capital gains as income.