The new legislation also means that all charitable incorporated organisations (CIOs) will be listed on the Business names index, held by Companies House
This legislation has been long awaited and will mean that charitable companies will be able to report to just one regulator (the Charity Commission in England & Wales – “CCEW”) rather than two (CCEW and Companies House).
Timescale
The service will only begin from 1 January 2018. It will then follow the phased implementation timetable (by income bracket) detailed below. Applications will not be accepted before this time.
|
Date |
Annual income |
|
1 January 2018 |
Less than £12,500 |
|
1 March 2018 |
Between £12,500 and £25,000 |
|
1 May 2018 |
Between £25,000 and £100,000 |
|
1 June 2018 |
Between £100,000 and £250,000 |
|
1 July 2018 |
Between £250,000 and £500,000 |
|
1 August 2018 |
Greater than £500,000 |
Process
The conversion process should be simple and straightforward in most cases. As part of this process, the new CIO Constitution and Special Resolution will need to be included before submission to the Commission.
The Commission will liaise with Companies House to ensure that necessary records are updated correctly. This will mean that the date of conversion of the charitable company to a CIO – as shown on the public register of charities – will match the date of removal of the charitable company at Companies House.
For more information on converting to incorporated organnisations (ICOs). Please contact Michael Jones on 01792 484555 on via email michael.jones@bevanbuckland.co.uk