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  "documentTitle": "Hipgnosis Songs Fund | Results Presentation Deck | 43 slides",
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  "presentationDate": "2023-07-01 00:00:00",
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      "text": "For UK corporation tax purposes music assets are considered intangible fixed assets and therefore unable to benefit from ITC exemptions on any potential direct sale of Catalogues. The Company has estimated its tax liability, based on certain assumptions, that in the event a sale of all assets should occur, would be approximately $245 million reflecting: Amortisation of catalogues that has already provided a tax benefit in each year of ownership; Value gain since acquisition. Could be reduced materially by utilising: Brought forward tax losses; Structuring sales to reduce tax charge. Indirect sales may not result in greater value depending on attractiveness of such a transaction structure and other potential tax considerations.",
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