23 November 2012

Charitable Incorporated Organisations: timetable for introduction


Once the regulations are approved, and a third statutory instrument is passed, the Charity Commission will accept the first applications to form CIOs, possibly before the end of this year.

The Commission has indicated it will accept applications for brand-new CIOs with anticipated incomes of more than £5,000 as soon as the statutory instruments are approved by Parliament.

Thereafter there will be a staged timetable for existing unincorporated charities to set up a CIO and transfer assets into it:

1 March 2013: applications open for the largest unincorporated charities with incomes of more than £250,000.
1 May 2013: applications open for unincorporated charities with incomes of more than £100,000.
1 July 2013: applications open for unincorporated charities with incomes of more than £25,000.
1 October 2013: applications open for unincorporated charities with incomes of more than £5,000.
1 January 2013: applications open for unincorporated charities with incomes of less than £5,000 and for brand new charities with anticipated incomes of less than £5,000

 

Applications will be opened for corporate conversions to CIOs during 2014 but this will require Parliamentary approval of further regulations. It is likely that the Charity Commission will phase company conversions by the annual income of the charity in the same way it has done for unincorporated associations.

Category: Article