Hi all,
In reference to the recent Genuine Entrepreneur Test scheme(GET), The money (which is spent to buy business from a previous owner) if goes to owner's account is not considered as 'spent by business'. Does this change affects applications made back in 2012 (before the GET came into effect) ?
36. We may ask you to demonstrate that the funds you have used to apply remain available to you
beyond the date of your application. The funds must continue to be available to you until they
are spent for the purposes of your business or businesses. ‘Available to you’ means that the
funds must be in one of the following:
(1) in your own possession,
(2) in the financial accounts of a UK incorporated business of which you are the director, or
(3) available from the third party or parties named in your application (if applicable).
‘Spent’ by your business’ excludes spending on all of the following:
(1) your own remuneration,
(2) buying the business from a previous owner, where the money goes to that previous
owner rather than into the business,
(3) investing in other businesses, and
(4) any spending which is not directly for the purpose of establishing or running your own
business or businesses.
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