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CICs gain parliamentary approval to convert to Charitable Incorporated Organisations

Following our previous legal update in September, final approval has now been received to enable charitable companies and Community Interest Companies to convert to Charitable Incorporated Organisations.

Charitable companies wishing to take advantage of the CIO legal form may be able to do so from 1 January 2018. The annual income of the company will be determinative of when the charitable company can apply to convert, as detailed below:

  • 1 January 2018: an annual income of less than £12,500;
  • 1 March 2018: an annual income between £12,500 and £25,000;
  • 1 May 2018: an annual income between £25,000 and £100,000;
  • 1 June 2018: an annual income between £100,000 and £250,000;
  • 1 July 2018: an annual income between £250,000 and £500,000;
  • 1 August 2018: an annual income of greater than £500,000.

The Charity Commission has released guidance about the phased timetable allowing charitable companies to convert to CIOs which is available by clicking here.

This guidance emphasises that applicants wishing to convert must ensure that their name complies with the rules in relation to the names of companies. This is because all CIO names will be included in the Registrars’ Business Names Index from 1 January 2018.

If you are a charitable company and considering converting to a CIO, I would advise that you consider now the steps required and I shall be pleased to advise and assist you in this process.

For more information on this story, or to find out more about Lodders’ Charity Law services, contact Mark Lewis on 01789 206135 or via email.

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Get in touch

For more information on this story, or to find out more about Lodders’ Charity Law services, contact Mark Lewis on 01789 206135 or via email.