Government publishes draft legislation on reforms for growing co-ops #coops

This was originally published by Co-ops UK:

Draft legislation for growing co-ops


The government has today published draft legislation that removes a key financial burden for some growing co-ops, helping to put them on a level playing field with other business forms.

The reform, which we have been lobbying for over the last year, raises the threshold at which co-operative and community benefit societies are forced to conduct a full professional audit to a level equivalent to companies. The threshold moves from £5.6 million in turnover and £2.8 million in assets, to £10.2 million in turnover and £5.1 million in assets.

We estimate the measure will save societies affected between £5,000 and £10,000 a year in extra audit fees.

The draft legislation is now open for consultation. We have developed a template response which you, as a member of Co-operatives UK, are welcome to use to give your views on the proposed legislation.

Responses must be sent to by 22 September 2017. Please don’t forget to copy us in at

Read the full article here:

You can download the template from here:

“We are pleased government has heeded calls to remove this unnecessary extra burden on co-operative and community businesses. This is a great example of the practical steps government can take to support the UK’s co-operative sector, which plays a key role in fostering a more inclusive economy.”

Ed Mayo, Secretary General of Co-operatives UK

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