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.
Mark Alexander - Founder of Property118
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Sign Up11:35 AM, 29th June 2013, About 12 years ago
Hi Paul
The first point I would make is that you should treat any specialist tax advice on a forum as you would getting advice from a bloke in a pub. It may be right, it may be wrong but you will have no recourse if it is wrong.
My second point is that you don't need to go to one of the big six accountancy firms to get specialist tax advice which is backed by professional indemnity insurance. I use a boutique firm of Chartered/Certified accountant which specialise in providing property tax advice and where the owners are portfolio landlords themselves. Their advice is also insured but their fees are a fraction of those charged by the big six. If you would like an introduction please see the contact form in this thread >>> http://www.property118.com/landlord-tax/
Now having explained that I am not a qualified tax adviser and that my understanding of how tax affairs work can not be relied upon as advice I will explain my understanding.
Interest on a new mortgage secured on a new home which you are going to live in cannot be offset against rental income as it bears no relation to to the rental business.
However, I think your sister is correct about raising a mortgage up to the value of your current private residence which is to be rented out, i.e. the mortgage interest on that mortgage will be allowed to be offset against rental income. What I am not so clear about in my own mind is whether the amount of mortgage you will be allowed to raise on this basis will be calculated based on the original purchase price or the value of the property when you first rent it. I suspect the latter but as explained, I'm really not certain about that.
Now here's a further thought for you. If the property is in your own name only you could sell it to you wife. There is no CGT on transfers between spouses and there wouldn't be in this case anyway as it's a sale of a principal private residence. The purpose of your wifes new mortgage will definitely be to purchase a rental property. Therefore, she could take the maximum mortgage and offset the mortgage interest against rental income. The balance of the purchase price could be left outstanding to you and when values and rents rise to allow her to remortgage she will be able to offset mortgage interest on the increased mortgage used to pay you off too.
Another option, if the property is owned jointly, would be to sell the property to a limited company which you own. There would still be no CGT payable as you would be selling your own personal private residence, which attracts no CGT.
Whichever of the options you choose, this should provide you with an opportunity to raise substantial cash to buy your next home.
I appreciate that a buy to let mortgage may be priced at a higher interest rate so you will need to take a commercial decision on whether the increased interest rates and fees are more than offset by the tax relief.
I hope this helps and please feel free to fire more questions back at me.
Please remember though, this is not professional tax advice, just the opinion of a well meaning friend, a retired financial adviser who is no longer insured to provide financial or tax related advice 🙂
Will you be supporting our mission to facilitate the sharing of best practice amongst landlords and letting agents by becoming a member of The GOOD Landlords Campaign by the way?
Jason Holden
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Sign Up14:38 PM, 1st July 2013, About 12 years ago
Hi Paul
Here is a without responsibility answer, tax relief for interest is based on the purpose of the loan which attracts the interest, in your case to buy your private home, so you borrow against your new home and secure the debt against that new home, so based on that situation there is no connection to the property you are going to rent out, so the short answer will be No tax relief for interest.
It is always worth paying for advice in the situations as there may be a way around this…………
Jason
Mark Alexander - Founder of Property118
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Sign Up14:42 PM, 1st July 2013, About 12 years ago
@Jason Holden - I agree!
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Sign Up15:08 PM, 1st July 2013, About 12 years ago
I agree. Whilst in principle what your relative is saying will work but in practice that isn't what you are doing. It isn't possible just to say a debt is on one property to pay out the capital account. The debt will need to be secured there, else in reality it has no association to the rental property.
Neil Barlow FCCA ATT
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Sign Up17:39 PM, 1st July 2013, About 12 years ago
Hi Mark,
Thank you for bringing this tax question to my attention and giving me the opportunity to comment.
Claiming the correct expenses including loan interest relief can be a minefield and this is where a good tax adviser could save you a significant amount of tax and provide you with the assurances you need. Our fees for preparing our client’s Tax Returns are modest compared to a large firm and often we are able to save our clients more in tax than the amount we charge.
Without going into detail, Paul’s “Tax Expert” friend’s advice is correct including (in Paul’s specific case) the maximum amount of mortgage interest tax relief he is entitled to claim. Interest relief may legitimately be claimed in respect of loans funding the withdrawal of capital introduced from a rental business.
We would be delighted to discuss the range of services we are able to offer at a very competitive rate to any readers who would be interest in obtaining specialist tax advice for their rental business. Please complete the contact form at http://www.property118.com/landlord-tax/
Jason Holden
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Sign Up17:45 PM, 1st July 2013, About 12 years ago
Neil is correct, he is essentially talking about equity release, which is acceptable with HMRC, just make sure you do it right.
Jason
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Sign Up8:17 AM, 2nd July 2013, About 12 years ago
I have investigated this very thoroughly and taken advice on this subject which I am happy to share:
There's no advantage and a whole lot of paperwork in using a limited company (unless you are talking about really big commercial level investment)
The critical issue is what the loan is used for. So it doesn't matter on which property you secure it provided you can show what it has been used for. However if you use only part of the loan to invest in a rental property, that is all that you can claim as an expense against rent for tax purposes. You can only claim the amount that relates to the rented property, for example, if you use some of the funds for a car or a holiday you definitely cannot claim the interest on that amount against tax.
That said, if you are living in the property with the mortgage on it, you must check that you not in contravention of the Ts and Cs of the lender. Most B2L mortgages nowadays prohibit the applicant residing in the property as it would then come under regulated lending. There is, however, nothing (taxwise) to stop you using a residential mortgage in that case and still claiming it against tax, which would be the preferred option.
Mark Alexander - Founder of Property118
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Sign Up8:28 AM, 2nd July 2013, About 12 years ago
@Sarah - let's assume you purchased a rental property for cash 15 years ago which cost you ÂŁ100,000. It is now worth ÂŁ200,000.
You have always dreamed of buying a Porsche and spending a week at the Burj Al Arab in Dubai but you don't have the cash.
You could sell the property but you would have a ÂŁ100,000 capital gain wouldn't you?
What you could do though is get a mortgage for ÂŁ100,000 (i.e. the amount you paid for it) and use that money to achieve your dreams.
PLUS - you could offset the interest on that loan against your rental income in order to reduce profits and tax.
Reason?
Because you are borrowing money to repay capital which you invested into your business.
If you were to borrow ÂŁ150,000 you would only be allowed to offset the interest on the first ÂŁ50,000. This is because you only invested ÂŁ100,000 in the first place.
HOWEVER, there may also be a way around this if you are married 🙂
Therefore, I don't completely agree with your statement.
Hopefully the accountants who have already posted here will back me up on this.
Joe Bloggs
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Sign Up8:50 AM, 2nd July 2013, About 12 years ago
what if refinancing for a btl purchase leaves say ÂŁ100k of surplus funds to be used solely for a future BTL purchase? is the interest repayments on that ÂŁ100k a legit cost claimable against tax? thanks.
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Sign Up8:54 AM, 2nd July 2013, About 12 years ago
I don't know why you say you don't agree, your case is exactly what I said.