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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||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
Mark Alexander - Founder of Property118
16:13 PM, 17th September 2014, About 9 years ago
The questions you are raising require complex tax advice, I strongly recommend that you seek advice from fully insured specialist professional including an accountant.
On a general level, and to partially answer your question, the strategies that you seem to be considering would all involve disposals of assets. If the properties have risen in value since you purchased them you also need to consider the CGT implications associated with transfers. It is for this reason that I have recommended that you consult with your accountant as well as a specialist in estate planning.
There is a trust scheme which deals with the reservation of benefits problem you have already identified as well as CGT problems but there are some very awkward conditions, especially if you ever want to raise finance against the security of the properties.
You should also consider life insurance based solutions as these tend to be far less restrictive going forward when compared to complicated trust structures. It is very simple to write life insurance into trust as the policies themselves have no value until you have died. By writing life insurance into trust the policy payout does not affect the value of your estate. If you are married and insure on a whole of life, joint life second death basis then you will be amazed at how inexpensive and flexible the solutions can be . Please also take a look at this page >>> http://www.property118.com/landlords-life-insurance-strategy-and-calculator/
I do not sell life insurance, I retired from financial services in 2009 after having taken a company which I founded to rank #38 in The Sunday Times Profit Track 100.
If you become one of my private clients I will be happy to review your situation with you in detail and recommend you to the most appropriate professional advisers to deliver the services you require. Please see >>> http://www.property118.com/consultancy-mark-alexander/61522/
21:15 PM, 17th September 2014, About 9 years ago
Reply to the comment left by "Mark Alexander" at "17/09/2014 - 16:13":
I'm afraid there are some really complex questions here, especially when we don't know the capital assets and incomes of all the parties, or their needs and aspirations. I agree with Mark this is a case for paid-for tax advice. Property118 isn't a wealth management advice site and if it becomes dominated by landlords asking about their complex personal tax affairs, the site's volunteer contributors will just grow exhausted and drift away.
I would suggest self-education goes a long way. Try Carl Bayley's excellent books How to Save Property Tax and Using a Property Company to Save Tax, published by Tax Café.
In brief on your queries:
1. if you give away some of the capital but retain the rental income, this sounds like retained benefit to me. Why would you even bother doing this? Just split the income equally in proportion to the capital held, and if you really need the income for day-to-day living costs, informally ask your children to give you a cash gift, say once a year, for a similar amount to the rental income less tax.
2. a limited company can be a good idea, provided you intend to keep for the long term, because it can be laborious getting your money out. The returns would be better if you did some development work through the company as well. Carl Bayley explains the differences between passive investment property companies and development ones, and hybrids of the two.
3. salary from the company: no issues, provided you *do some work*! You need to show you are earning the salaries, and not going through all this contorted shenanigans just to avoid a bit of tax. Tax Café do another book, Salaries versus Dividends, which looks at the best balance between paying a salary (especially one under the NI threshold, at which point both personal and company NI become due) and paying dividends to shareholders.
4. Yes, the capital falls out of IHT, but only if the money has *really* left your estate and you're not hedging your bets and retaining excessive control of the capital by keeping the rental income. A company with proper, genuine, joint ownership and control, and joint benefits in terms of dividends, is one way of retaining a degree of control over the capital. A trust is another approach, as Mark suggests.
8:56 AM, 20th September 2014, About 9 years ago
A trust deed will help you to overcome this problem of IHT.
I have the info for you if you wish to press ahead with a trusted company who I set mine up with.
22:09 PM, 21st September 2014, About 9 years ago
You may find the following article interesting
Mark McLaughlin thinks there are ways to give away part of an investment property, while keeping the rental profits and not be caught out by GWR.
However, he does end by saying:
"Could such a gift be caught by other measures, such as the general anti-abuse rule (GAAR)? Whilst some commentators consider that it is not caught, a possible challenge by HM Revenue & Customs cannot be ruled out. Gifting an interest in an investment property but keeping the rent is therefore perhaps not for the faint hearted"
You will still run into CGT issues etc... and should take professional advice. Three may also be some mileage in having your children benefit from some of the rental profits.
Try to look around and find someone really knowledgeable. I've learned that lesson by wasting a good amount of money on professionals who just give cookie cutter advice. Better to pay more in this case for a top of the line expert.