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.
BTL INVESTOR SCOTLAND
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Sign Up21:45 PM, 31st July 2015, About 10 years ago
Here is an interesting post from Lisa Orme on another property forum. It sets out quite nicely some of the challenges.
'As promised I shall be penning a report and some comparisons this week with regards to the recently announced tax changes.
I have unsurprisingly been inundated with enquiries and requests from new and existing clients this last few weeks with regards to this and in particular buying via a Ltd Co.
Three discussions I had this week beautifully reflected my general feelings on the matter and that is that assessment of your own circumstances and a careful and thorough costing is absolutely essential before jumping in head first especially with regards to going the Ltd Co route.
Case One
Applicant has already purchased a HMO in their own name and is remortgaging following a comprehensive refurb. They decided they'd rather go the Ltd Co route.
Now ordinarily given a HMO is likely to be mortgaged with a commercial lender anyway then a Ltd Co will make little difference but as this was already owned by the individual that's a different matter.
Firstly you cannot just 'transfer' a property into the company as I've already seen people suggest! This is a SALE and a PURCHASE. As such the investor will be facing capital gains tax on the sale and stamp duty on the purchase.
But worse is yet to come. The lender will insist upon a full CASH deposit being put in by the company. So effectively the investor will have to put in the deposit TWICE.
Unsurprisingly they changed their mind!
While I'm here the EXACT same thing applies if using a trust; a trust is a separate entity and while it's in essence a paper exercise to move the equity and rent into the trust there is still a sale/purchase of equity and while you may get around the 'lender issue' you don't get around CGT and stamp duty.
Case Two
Applicant is on a significant PAYE income in the higher tax bracket. They have 8 B2Ls with several of them unencumbered. They easily qualify for the most attractive B2L mortgages and want 5 year fixed rates.
They will face an increase of £2,000 pa in taxes when the full relief is withdrawn. (£250 pa per property.)
However when comparing the costs of the best value 5 year fixed Ltd Co mortgage for their latest purchase they will be looking at an increased cost of £2,000 pa in interest - that's for ONE property!
In addition the increased arrangement fees, legal costs and val fees added a further initial cost of around £4,000. Resulting in an average cost increase of £2,800 per year for 5 years. Again this is just one property.
Unsurprisingly they changed their mind!
Case Three
Semi-retired landlord with substantial portfolio of 40 properties and an income of £30k pa - like many landlords I know keeping their income in the lower tax bracket. This group is the one most likely to be hit by the changes.
They already have a number in a Ltd Co so are looking to refinance a number of the B2L ones they have into the company too.
A major consideration for this client is IHT planning so a Ltd Co should be considered for a number of reasons. However age is a major consideration here with many commercial lenders having lower age requirements than B2L lenders. Additionally much shorter terms are often offered if interest only is preferred or required and that can cause real issues further down the line when the term finishes and the client is then even older.
They were happy to pay the CGT and stamp duty and even put in deposits and so undaunted the client wanted to understand exactly how much this tax change would cost them fearing they may be forced to sell up.
It would be £250 per property per year!
Now that took him quite by surprise! If a landlord can't stomach £250 per year per property that's very worrying indeed!
We both agreed a strategy of £10 pcm rent increase for the next 3 years would be an acceptable move that would be palatable to most tenants and adequately cover the tax increase.
They haven't changed their mind as yet BUT only because of IHT planning not because of the tax changes. And they certainly won't be selling up!
I hope that these three case studies (and I have many more) give a bit of insight into this for investors and prompt them into doing some sums for themselves. More importantly I hope it stops the feeling of panic I'm seeing amongst some landlords and communities.
Now don't get me wrong - I am ABSOLUTELY 100% against this tax change and will fight it tooth and nail. It is a stealth tax, unfair, unjust, unprecedented and retrospective and I'm friggin livid about it!
From the above we can see rents WILL rise; that is a guarantee so tenants should be as angry about this as landlords.
But I also don't want anyone making rash decisions they may well regret later.
As a broker my fees and commissions are higher for commercial lending (as it is for most other brokers!) so I have no financial incentive to offer this advice by any means and hopefully it will be seen with the impartiality that is intended.'
Connie Cheuk
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Sign Up21:47 PM, 31st July 2015, About 10 years ago
Reply to the comment left by "Ros ." at "31/07/2015 - 21:36":
I intend to follow up with a few phone calls tomorrow - nudge / push / shove them in the right direction...
Thanks for words of encouragement...almost there with two mass emails...
Another thought - even easier - to get hold of Head office and get them to mass email! I'm sure they have a group email already sorted! 🙂
Connie Cheuk
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Sign Up21:49 PM, 31st July 2015, About 10 years ago
Reply to the comment left by "Trendo " at "31/07/2015 - 21:03":
Yes, members not following this thread may not realise the petition is up....though I think Mark sent an email round...
Appalled Landlord
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Sign Up22:22 PM, 31st July 2015, About 10 years ago
Reply to the comment left by "Landing Lord" at "31/07/2015 - 21:43":
Hi L L
There were two comments under this article. I have just posted the third:
"It is ridiculous of Kate Palmer to bring BTL into this article. If BTL landlords make a loss we cannot claim tax relief for it against our income. It can only be set off against future rental profits.
Investment in films was marketed as a tax avoidance scheme, so that investors could reduce their income tax.
BTL is not a tax avoidance scheme, it is a business providing an essential service."
On reflection, I should have said "disgraceful".
Dr Rosalind Beck
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Sign Up22:28 PM, 31st July 2015, About 10 years ago
Reply to the comment left by "BTL INVESTOR SCOTLAND" at "31/07/2015 - 21:45":
Hi BTL.
Looking at example 3, there is no mention of the interest rises which are expected. That's what would sting me:
1. being taxed on the imaginary income.
2. interest rises meaning my imaginary income climbs and I'm taxed more.
It would be different if the Government said we could only put 20% of our finance costs in, and still count them as costs and not as 'income.' It would still be grossly unfair, but it wouldn't be as serious. Does that make sense or am I having a thick moment? (I do find economics challenging)
Appalled Landlord
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Sign Up22:33 PM, 31st July 2015, About 10 years ago
Reply to the comment left by "Connie Cheuk" at "31/07/2015 - 21:47":
Hi Connie
You are doing a fantastic job. Now that you have found the shortcut, there is another widespread franchise, from Aberdeen to Wrexham via Lisburn: Belvoir!............
BTL INVESTOR SCOTLAND
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Sign Up22:35 PM, 31st July 2015, About 10 years ago
Some headlines for attracting attention on social media:
Homeless numbers set to rise as landlords prepare to sell up – stop it now by signing petition
https://petition.parliament.uk/petitions/104880
Home prices set to fall as landlords prepare to sell up – prevent it by signing petition
https://petition.parliament.uk/petitions/104880
Appalled Landlord
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Sign Up22:42 PM, 31st July 2015, About 10 years ago
Reply to the comment left by "Ros ." at "31/07/2015 - 22:28":
Hi Ros
You are also doing a fantastic job. But point 2 is not right.
An increase in the rate of interest will not increase your tax, it will reduce it. The amount of profit that HMRC will deem you to have made remains unchanged, because interest will not be part of that calculation. Therefore an increase in finance costs will not put you in a higher tax band.
But if your interest goes up, the 20% relief goes up in line with it (subject to restrictions, see below). The deemed profit is unchanged, the tax calculated on it is unchanged, but the relief is higher. So the amount of tax that you pay would be lower.
Of course, your real profit will also be lower.
Note that the relief is given to the lower of a) finance costs, b) deemed rental profit, and c) total gross income minus the personal allowance. These factors are all taken into account in the spreadsheet.
If you want to see what the effect of a change to interest would be, just put it in its red box. The spreadsheet will give you the answer. You can do the same for changes to rent or other income.
Connie Cheuk
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Sign Up22:43 PM, 31st July 2015, About 10 years ago
Reply to the comment left by "BTL INVESTOR SCOTLAND" at "31/07/2015 - 22:35":
Fantastic! 🙂
I checked my facebook page earlier and discovered total indifference; the landlord aspect doesn't bother them.
House prices set to fall will be met with glee by many, though... 🙁
I'll try the homeless angle...with landlords forced to raise rents...
Appalled Landlord
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Sign Up22:52 PM, 31st July 2015, About 10 years ago
Reply to the comment left by "Ros ." at "31/07/2015 - 22:28":
Hi Ros
Please don’t suggest this to our George!
If we could only deduct 20% of our finance costs from rent in calculating our rental profit, it would mean that we would pay tax on 80% of our finance costs at anything up to 45% (which would be 36% of the finance costs). That would be worse than the proposal to tax them at anything up to 25%.