All Souls Church, Langham Place has suspended payments to the Diocese of London over the Church of England's proposals to bless same-sex couples.
The PCC of the former church of late evangelical leader John Stott expressed "concern and sadness" over the proposals in a letter to the Bishop of London.
The central London church said that the proposals "abandon confidence in the goodness and authority of God's Word" and "move the Church of England away from her historic formularies, which are foundational to our life together in London, England and as part of the global Anglican Communion".
The prayers of blessing were proposed by the bishops in response to the Living in Love and Faith process, and are being debated at the Church of England General Synod in London today.
In her presentation to Synod on Monday, the Bishop of London, Sarah Mullally, claimed that the proposals offer a pastoral response to same-sex couples "without changing the Church's doctrine of holy matrimony".
In their letter, the PCC said that the proposals "undermine the Biblical call to discipleship" and "devalue the difficult road" that many Anglicans have gone down by abstaining from sex outside of marriage.
They go on to state that the prayers as currently drafted leave the church in "a very difficult position with regard to episcopal oversight".
"As drafted, the prayers of Love and Faith now teach every sexually active unmarried couple that repentance is not needed," the letter, published on Anglican Ink, reads.
"If believed, this denies people the joy of stepping away from those things God has called sinful and into new life with him. We cannot participate in such a departure from biblical Christianity."