Earlier this year, two Special General Meetings were held by ACLT for members to approve a resolution to convert to a Charitable Company,
This application has now been approved by HM Revenue & Customs and we are now recognised as a charity for tax purposes.
In practical terms, this means that we can avoid Stamp Duty Land Tax and Corporation Tax on our acquisitions and developments. This in turn will help to ensure a greater percentage of our funds are used to keep rents affordable.
We will remain under the Financial Conduct Authority for regulatory purposes.