CIO implementation timetable

We understand that 56 CIOs have been registered to date.

Since 1 March 2013, existing unincorporated charities with an annual income of over £250,000 have been able to set up a CIO and transfer their assets into it.

From 1 May 2013, existing unincorporated charities with annual incomes of between £100,000 and £250,000 will be able to set up a CIO and transfer their assets into it.

From 1 July 2013, existing unincorporated charities with annual incomes between £25,000 and £100,000 will be able to set up a CIO and transfer their assets into it.

From 1 October 2013, existing unincorporated charities with annual incomes of between £5,000 and £25,000 will be able to set up a CIO and transfer their assets into it.

From 1 January 2014, existing unincorporated charities with annual incomes of less than £5,000 will be able to set up a CIO and their transfer assets into it and brand new charities with anticipated annual income of less than £5,000 will be able to set up a CIO.

During 2014, corporate conversions into CIOs will be permitted (subject to Parliamentary approval of separate conversion regulations to be made during 2013). This may also need to be phased in by income bracket.

IBB Solicitors’ specialist Charities team has a wealth of experience in delivering practical commercial advice to charities and not for profit organisations and those who work with them. For advice, contact a charity lawyer. Call us on 01895 207809 or email charities@ibblaw.co.uk.