Neil Morley
Admin, Ops, IT & Finance
Conversion of CIC to CIO - Financials
Leila Hobart Founder at Little Wings of Hope CIC Posted 2 months ago
Hello! I am the founder of a small baby loss CIC and we are currently applying to convert into a CIO. We have submitted the application and in the process. My question however falls around the financial of the CIC to the CIO.
We have around £2,600 in the bank, would we have to pay tax on the profit from our tax year (August 2024 to date?) on this when we close the CIC or would we simply 'move' the money to the new CIO thus not pay tax on it?
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