Hipgnosis Songs Fund Ltd (LON:SONG) has converted to an investment trust company.
The move was flagged in January and was done 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.
The company will be treated as being resident in the UK for tax purposes henceforth and will cease to be a Guernsey tax-exempt vehicle.