- Music rights investor Hipgnosis Songs Fund has been granted approval by HMRC to convert to an investment trust company.

The conversion will take effect from 1 April 2021, and the company will be treated as being resident in the UK for tax purposes from such date.

Hipgnosis Songs Fund said it applied to become an investment trust company to 'mitigate the recently increased scope of Guernsey's economic substance rules, which now apply to Guernsey entities (including Guernsey tax exempt vehicles) that are self-managed collective investment schemes'.

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