Hipgnosis drops Guernsey home as it achieves investment trust status

UK residency for tax purposes settled

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". Hipgnosis urged to use equity raise prospectus to shed more light on financial disclosures 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 should be exempt from UK ...