Joly25 wrote:Hi dear Gurus and especially Zambia.
Need your help I got refusal letter today morning I applied my tier1 extension:
Applied=march2016
Interview =June 2016
Refusal letter=11/01/2017
It was a 50k case reason for refusal is no point awarded for investment because I made a mistake I bought a commercial property in 2013 from my personal account which is worth about £24000 because it's a shared premises I am using my share as my company office.Rest of the amount I invested as a director loan which is accepted as investment but last year when I realise this point my application was posted after that for backup I have transfer that property to company's name which is company's asste now.
My question is as I am going for AR is it ok to explain the situation in AR and what will be chances of success as I have land record documents under company's name?
Thanks in advance for your important comments.
According to Policy Guidance
98.If you have bought property for your business which includes residential accommodation, we will not accept the value of this part of the property as investment in the business. The value of this part of the property should be deducted from the amount of your investment.
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In your case the property bought by you is from your personal account which means its your property not company's.
Also, If its transferred to your company name then,
Invested or spent by the applicant’s business excludes spending on all of the
following:
• their own remuneration
• buying the business from a previous owner, where the money ultimately goes
to that previous owner (irrespective of whether it is received or held directly or
indirectly by that previous owner) rather than into the business being purchased
- this applies regardless of whether the money is channelled through the
business en route to the previous owner, for example by means of the applicant
or business purchasing ‘goodwill’ or other assets which were previously part of
the business
• investing in businesses (other than those the migrant is running as selfemployed
or as a director)
• any spending which is not directly for the purpose of establishing or running
their own business or businesses.
In my opinion, If you are claiming these money i.e, 24k as a investment then its not counted in any case.
You can apply for AR and explain your side to buy some time for Fresh Application to complete 50k investment.
Zimba...please correct me if i am wrong.
