I recently asked the CIC regulator a few questions about their powers and enforcement of those powers under a FOI request. I'm not sure how to upload their response (can I post it anywhere?). Most notably, over past 5 years, 310 CICs investigated. 0 CIC's had enforcement action against them.
Added by Geoff Holt on January 18, 2018 at 9:12 — No Comments
More help for CIC's.
1 HSBC refuse to give us a business credit card because they insist we are a not-for-profit and MUST have a constitution whereas we are a CIC limited by guarantee with Articles of Association.
2 HMRC state CIC's show profits and must pay Corporation Tax but as a CIC has a "surplus" that is ploughed back into our business not a "profit" for directors.
3 99% of grant making trusts do not recognise CIC as having "charitable" objects whereas the Nat…Continue