Hipgnosis drops Guernsey home as it achieves investment trust status

James Baxter-Derrington
clock • 1 min read

Hipgnosis Songs Fund has received approval for its application to become a UK resident investment trust company. From today (1 April), Hipgnosis will cease to be a Guernsey tax exempt vehicle and will instead be "treated as being resident in the UK for tax purposes". In a statement, Hipgnosis said it had applied to become an investment trust in order to "mitigate the recently increased scope of Guernsey's economic substance rules". The company will be exempt from UK taxation on its chargeable gains, but will be subject to UK corporation tax on its income. In practice, the trust sho...

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