Charities Act and Companies Act become law
Major legislative changes
Both the Charities Act 2006 and the Companies Act 2006 have now received the Royal Assent.
The Charities Act 2006 is reviewed in our latest newsletter which can be viewed on line. This implements a number of changes, including changes in the accounting thresholds.
The Companies Act 2006 repeals the Reporting Accountant legislation. This means that when it is brought into operation, incorporated charities with income over £90,000 will no longer have to have a compilation report. When equivalent provisions in the Charities Act are implemented, such charities will have external scrutiny of the character of an Independent examination, such as already applies to unincorporated charities.
However, this change will mean a Ministerial Order to bring into effect