Guernsey has published the Income Tax (Substance Requirements) (Implementation) (Amendment) Regulations 2019, which came into force on 1 August 2019. The amendment regulations provide for the implementation of the proposed changes announced as part of GSCCA Circular 11 of 17 June 2019 ({News-2019-06-20/P/4-previous coverage}). This includes amendments to expand the scope of the substance requirements to exempt companies, except collective investment vehicles, as well as amendments to clarify the core income generating activities for companies with income from IP assets, the definition of IP assets and high-risk IP, and other miscellaneous changes.