Privacy Policy
BACKGROUND:
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.
Please read this Privacy Policy carefully and ensure that you understand it. Your acceptance of Our Privacy Policy is deemed to occur upon your first use of Our Site
. If you do not accept and agree with this Privacy Policy, you must stop using Our Site immediately.
- Definitions and Interpretation
In this Policy the following terms shall have the following meanings:
“Account” |
means an account required to access and/or use certain areas and features of Our Site; |
“Cookie” |
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; |
“Cookie Law” |
means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003; |
“personal data” |
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 |
“We/Us/Our” |
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 npatterson@property118.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?
This Privacy Policy applies only to your use of Our Site. Our Site may contain links to other websites. Please note that We have no control over how your data is collected, stored, or used by other websites and We advise you to check the privacy policies of any such websites before providing any data to them.
- 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?
Depending upon your use of Our Site, We may collect some or all of the following personal data (please also see section 13 on Our use of Cookies and similar technologies):
- Name;
- 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?
- We may, from time to time, expand or reduce Our business and this may involve the sale and/or the transfer of control of all or part of Our business. Any personal data that you have provided will, where it is relevant to any part of Our business that is being transferred, be transferred along with that part and the new owner or newly controlling party will, under the terms of this Privacy Policy, be permitted to use that data only for the same purposes for which it was originally collected by Us.
- 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.
- You may restrict Our use of Cookies. For more information, see section 13.
- 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 info@property118.com, or using the contact details below in section 14.
- Our Use of Cookies
- Our Site may place and access certain first party Cookies on your computer or device. First party Cookies are those placed directly by Us and are used only by Us. We use Cookies to facilitate and improve your experience of Our Site and to provide and improve Our products AND/OR We have carefully chosen these Cookies and have taken steps to ensure that your privacy and personal data is protected and respected at all times.
- 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 |
Purpose |
Strictly Necessary |
JSESSIONID |
Used only to collect performance data, with any identifiable data obfuscated |
No |
__cfduid |
This cookie is strictly necessary for Cloudflare's security features and cannot be turned off. |
Yes |
- 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 |
Provider |
Purpose |
__utma, __utmb, __utmc, __utmt, __utmz |
First |
Google |
Helps to understand how their visitors engage with our website |
_fbp |
First |
Facebook |
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
If you have any questions about Our Site or this Privacy Policy, please contact Us by email at info@property118.com, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB. Please ensure that your query is clear, particularly if it is a request for information about the data We hold about you (as under section 12, above).
- Changes to Our Privacy Policy
We may change this Privacy Policy from time to time (for example, if the law changes). Any changes will be immediately posted on Our Site and you will be deemed to have accepted the terms of the Privacy Policy on your first use of Our Site following the alterations. We recommend that you check this page regularly to keep up-to-date.
Hugh Baily
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Sign Up11:15 AM, 23rd September 2024, About 3 weeks ago
Yes you are right and this scenario is horrendous. We will have to wait and see what happens. I hope someone is lobbying on this!
The abolition of uplift on death may be crippling for landlords who have purchased many years ago.
I asked bard about it recently and this is the answer I got.
Here's the breakdown of the potential capital gains tax (CGT) implications for your investment property under the three scenarios, assuming the legislation comes into effect before your death:
1. Prospective Application:
In this case, the uplift on death would still apply because your death would occur after the legislation is introduced but the rule wouldn't be active yet.
* Gain: The gain for CGT purposes would be calculated using the uplift on death. This means the property's value on the date of death (e.g., £550,000) would be used as the base cost.
* CGT Calculation: Gain = Selling Price (Market Value) - Uplifted Base Cost (Market Value on Date of Death) = £550,000 - £550,000 = £0
Therefore, under a prospective application, there would be no capital gain for CGT purposes.
2. Retrospective Application with a Grandfather Clause:
Here, the outcome depends on the specific details of the grandfather clause.
* Scenario A: Grandfather Clause excludes properties acquired before a specific date (e.g., December 31, 2020):
* Since your property was purchased in 2000 (before the cut-off date), you would still benefit from the uplift.
* The CGT calculation would be the same as in scenario 1, resulting in no capital gain.
* Scenario B: Grandfather Clause excludes properties owned for a certain period (e.g., 10 years or more):
* Your property qualifies (owned for more than 24 years), so the uplift would still apply.
* Same CGT calculation as scenario 1, leading to no capital gain.
3. Fully Retrospective Application (Unlikely):
This scenario is highly improbable due to fairness concerns. However, for illustration purposes:
* The uplift wouldn't apply, and the base cost would be the original purchase price (£150,000).
* CGT Calculation: Gain = Selling Price - Original Cost = £550,000 - £150,000 = £400,000
In this unlikely scenario, you would incur a significant capital gain of £400,000, potentially leading to a high CGT liability.
Important Note:
This is a simplified example to illustrate the concept. Realistically, factors like property valuation at the date of death and any exemptions or allowances might affect the final CGT calculation. It's recommended to consult with a tax professional for a more precise assessment based on the specific details of the legislation and your circumstances.
Steve Hards
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Sign Up16:20 PM, 23rd September 2024, About 3 weeks ago
Reply to the comment left by Hugh Baily at 23/09/2024 - 11:15Gosh, thank you, Hugh! I hadn't even thought about the implications of factoring in the possible abolition of uplift on death.
It seems that the older you are (we are in our 70s) the scope to avoid falling into this particular tax trap reduces.
Tom C
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Sign Up19:28 PM, 23rd September 2024, About 3 weeks ago
My father (89) has fallen into this tax trap. In 1975 he bought a second home on the shores of Chichester Harbour for £20,000. The house is now worth ~£450,000 so a gain of £430,000.
My mother (87) has had a stroke and is no longer keen to travel, so dad would very much like to either give the house to me and my three brothers, or sell it. In either case CGT would have to be paid, either on the sale (less £20,000) or on the current value (less £20,000) if he and mum were then to die within seven years IHT would have to be paid (at a reduced rate between 3 and 7 years after the house’s disposal).
So he is left with a house rarely used until he dies to avoid double tax.
Paul Smith
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Sign Up8:10 AM, 24th September 2024, About 3 weeks ago
I am.not sure incorporation into a limited company would save.
This is because the company pays corporation tax on annual profits. The owner pays CGT tax on the sale of the company. Not sure the rates and money could be spent on other company activity but would be interested to understand the true benefits of incorporation and when it may be a better option than self ownership?
Hugh Baily
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Sign Up10:01 AM, 24th September 2024, About 3 weeks ago
Tom….I think CGT will have to be paid if sold during your fathers lifetime.However under the current rules when your father dies it could be sold CGT free and put into his estate and IHT paid over the 325000 allowance at 40%. The worry is the forthcoming budget may demand his estate pays CGT on the increase in value then pay IHT at 40%. This in effect would retrospectively tax gains over the past 50 years which were tax free which is absolutely scandalous but I fear not above this governments moral compass.
Paul….I think transfer of a property into a limited company would be a disposal so CGT would have to be paid immediately. Incorporation depends on your circumstance and it may well be worth getting professional advice on this. If you are young and building a portfolio then it could be of interest.
Steve Hards
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Sign Up12:59 PM, 24th September 2024, About 3 weeks ago
Tom expressed this tax trap perfectly and it may indeed affect more second home owners than landlords. The issue gets more acute as you get older - if I were still in my forties or fifties I’d have sold up by now and taken the 24% CGT hit in the hope that I could manage the released equity in a way that would mitigate future IHT implications. But the older you get the incentive to keep properties until death increases so that your heirs are spared the CGT hit.
Rachel Reeves is an economist and may be anticipating that increasing CGT rates will result in a decrease in overall CGT tax take, which leads us on to the concern Hugh has raised: the even worse scenario if the uplift on death is abolished.
When I also take into account the other taxes I pay as a landlord: the egregious SDLT on further property purchases; VAT on goods and services for property maintenance; etc. and, finally, income tax on the little that remains, it feels like I'm just working for the Government...except that I have all the tenant-related hassle and legal and financial risks that come with being a landlord and no benefits such as sick or holiday pay!
Tom C
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Sign Up17:23 PM, 24th September 2024, About 3 weeks ago
Reply to the comment left by Steve Hards at 24/09/2024 - 12:59
But don’t forget the benefits of being a landlord too.
Consider this scenario.
£300,000 in the bank.
Buy a flat for £300,000 with a 5% yield: £1250pm; £15,000 per annum.
Mortgage the flat for £180,000 @ 4.5% 5Yr fix (Barclays has this offer for up to 65% LTV). Put the £180,000 into a stocks and shares investment - over the past 50 years US stocks and shares have averaged 9.5%.
£17,100 capital gain per annum. Less £8,100 mortgage payments gives £9,000.
Add in house price growth of 2% - £6000.
Total £30,000 or 10%
And on that £30,000 you pay less tax than a teacher earning £30,000 and little or no national insurance and the government gives you a tax credit on your mortgage interest payments.
Ok - so you might have some hassle with tenants, but the teacher gets a whole lot worse from 30 hormone bursting teenagers!
Paul Smith
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Sign Up5:10 AM, 26th September 2024, About 2 weeks ago
But don't forget the additiional costs of stamp duty North of £11k, buying fees of thousands, void periods of thousands and forget stock market growth at 9% most don't see anything like that.
If 9% were achievable people would do that in preference.
Steve Hards
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Sign Up10:19 AM, 27th September 2024, About 2 weeks ago
Reply to the comment left by Paul Smith at 26/09/2024 - 05:10
Yes, Paul, and the cost of landlord's insurance, HMO or selective licencing fees, etc., etc...
Of course my original post wasn't about the economics of being a landlord but about the existing disincentive to stay invested as you get older. And it sounds like it is going to get worse.
Although we are by no means amongst the 'super-rich' who seem to be rushing to leave the country, we do have the option of selling up and becoming resident abroad - my wife is Spanish. But it's the draw of being with our young grandchildren (to whom we were hoping to have some wealth to pass on) that keeps us here. I'm beginning now to consider that the CGT and IHT combination is a 'Grandchild Tax'!
Hugh Baily
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Sign Up15:32 PM, 27th September 2024, About 2 weeks ago
Tom. Remember the reduced IHT rate you mention would only apply if your parents made lifetime gifts that completely covered the 325000 IHT allowance.In this case HMRC would come to you for payment at the rates you speak of. If the allowances are intact at death then HMRC will write back the gift into the deceaseds estate and tax accordingly at 40% , right up to the cut off at seven years.
There have some interesting comments about your calculations regarding the worth of being a landlord. Repairs can run up to 20% of income, l wonder if you were talking about gross or net yields?
Your original point about CGT and your parents second home may not be so unfair if you consider what a fantastic passive investment it has been. In contrast Landlording is a business and is not without work and risk!
On the point of incorporation, it is possible that S24 may also be applied to Limited companies in the forthcoming budget so hang fire on incorporation! This is a hot topic to with HMRC at the moment!