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:
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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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||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
16:31 PM, 10th March 2022, About A year ago
These requirements arise from the Government’s efforts to combat money laundering by requiring transparency in a number of hitherto private transactions, including trusts. Several of our services include the creation of a trust and we have advised on these requirements to all past and present clients who are caught by them.
In an LLP the members hold the partnership properties on trust for the LLP. Our view is that this type of trust is not caught by the requirement. Certain trusts created in the context of commercial transactions are excluded from registration by Sch3A (14) of the Regulations 2017 when they meet the following requirements.
The trust must be created for the purpose of:
• Enabling or facilitating a transaction effected for genuine commercial reasons, or
• Protecting or enforcing rights relating to such a transaction. The trust must also be incidental to the principal purpose of the transaction.
b) Substantial Incorporation Strategy or SIS (formerly Beneficial Interest Company Transfer or BICT).
In each of these transactions, unless all of the legal titles have been transferred to the company at the Land Registry, the legal owners hold the properties on trust for the company. Our view is the trusts created in these transactions are not caught by the requirement.
Certain transactions (including sale of land) require specific formalities to be carried out in order to transfer legal title. Where beneficial title passes on completion, but legal title does not pass until those formalities are carried out, the legal title may be held on trust for the relevant party to protect their interests, pending completion of those formalities.
Trusts created in that context are excluded from registration by Sch3A (15) of the Regulations 2017 if they meet the requirements below.
This exclusion applies to a trust created on the transfer or disposal of an asset, where the purpose of the trust is to hold the legal title to the asset on trust for the person to whom the transfer or disposal is being made until the time when the procedure required by law to effect the transfer or disposal of legal title is completed.
c) Discretionary Trusts in Smart Companies or with Freezer/Growth share structures.
These trusts will need to be registered. The first deadline is 1st September 2022 at present, so there is no particular pressure of time.
There are two separate registration requirements.
The first arises from the trust being an express trust, and the second additional requirement arises when the trust becomes liable to any form of tax. It is highly unlikely that this will arise before the 10-year anniversary charge to IHT, and even then is unlikely to arise given the value of the assets that would be held in the trust at that juncture. Nevertheless, you should take professional advice from your accountant.
The first deadline arises on 1st September 2022. The lead trustee (nominated by the trustees to file the registration) or your appointed agent will need to obtain a Government Gateway Code HERE
All trustees are equally legally responsible for the trust, but you must nominate one ‘lead’ trustee to be the main point of contact for HMRC. The lead trustee will receive the trust’s UTR if registering a taxable trust and a URN if registering a non-taxable trust. You will need to keep their contact information up to date.
You should give the details of all known beneficiaries who can benefit from the trust. If you have more than 25 beneficiaries in any one beneficiary type, keep a note of additional beneficiaries for your own records.
You must give details of all individuals, trusts, charities and organisations named as beneficiaries in the deed. Some named beneficiaries will only benefit when a certain event happens, such as when another beneficiary dies. You can include these in a class of beneficiaries until the event occurs. At that point, provide their details on the register as a named beneficiary.
Classes of beneficiaries
You can use a ‘class’ of beneficiaries to describe a group of individuals who are not yet known or named individually in the trust deed, for example, future grandchildren. This can also include named potential beneficiaries. When a member of a class of beneficiaries benefits from the trust, and so becomes known, you must give their details. You will be asked to give a description of each class.
Mark Alexander - Founder of Property118
17:24 PM, 10th March 2022, About A year ago
Reply to the comment left by Mark Smith (Barrister-At-Law) at 10/03/2022 - 16:31
Thank you for this clarification Mark Smith.
I know you wore to all existing clients on this matter a few months ago and the companies we outsource Discretionary Trust work to are also in the process of writing to all of their Clients now.
We advocate “Integrity in Business” and the fact this has all been done well ahead of schedule and at no cost to Clients we have referred to Cotswold Barristers is clear evidence of this business philosophy we share.
10:04 AM, 11th March 2022, About A year ago
@Mark Smith (Barrister-At-Law)
Thank you for that detailed response.
My situation that the the legal owner has held the property on trust for the company since time of purchase from a third party. i.e SIS/BICT
If I understand correctly, you state that your view is that the registration requirements do not apply to this arrangement because of the exemption of:
"the purpose of the trust is to hold the legal title to the asset on trust for the person to whom the transfer or disposal is being made until the time when the procedure required by law to effect the transfer or disposal of legal title is completed."
However, this exemption would seem to apply to a transaction that is underway but not yet completed as it states "is being made" in the present tense; not "has been made", and "until ... the procedure ... is completed", suggesting the transfer process is underway.
Would it apply to a situation like mine where the transfer procedure for the legal ownership has long completed but the legal and beneficial ownership remain separate and there is no ongoing transfer process to change that?
10:05 AM, 11th March 2022, About A year ago
Not sure I agree with Mark Smith about the SIS (b) above. The quoted exemption from registration does not quite appear to fit the bill.
Surely there is no risk or issue with registering the SIS arrangements anyway to avoid any possible problem, especially as this does not give rise to any tax consequences.
10:15 AM, 11th March 2022, About A year ago
Reply to the comment left by at 11/03/2022 - 10:05
My concern about registering is:
a) The property is mortgaged in the legal owner's name so I don't want to upset the applecart by registering the beneficial interest in a company's name.
b) The legal owner is planning to move abroad and I don't quite understand the impact of this for registered trusts. Therefore, I'd rather avoid registration if not required.