Angmering Community Land Trust is convening two Special General Meetings this month in order to restructure its status as a Community Benefit Society.
If Shareholders approve the resolutions, it will allow ACLT to transition from its current form to a new charitable Community Benefit Society that is exempt from most taxation. These taxes are currently impacting on the viability of our projects at Mayflower Way and Swallows Gate.
The new charitable Community Benefit Society has already been created and if Shareholders approve the resolutions, it will allow all the current assets held by ACLT to be transferred to the new society. Once the transfer is complete, the Financial Conduct Authority has indicated that the new society may also be called Angmering Community Land Trust with the formers registration being cancelled.
All current members of ACLT will automatically become members of the new charitable society should the resolution be passed.