CLO managers take Dutch tax gamble

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By Tom Brown
12 Jan 2021

It’s been almost a year since a Dutch tax ruling sent CLO managers scurrying to Ireland to avoid a VAT charge. But with the changes coming into action in 2021, some CLO managers are leaving their vehicles in the Netherlands and taking their chances on a ruling from the supreme court.

With only three weeks to go until Christmas, Philippe Steffens, a partner at law firm Baker Mackenzie, was frustrated. His firm, along with dozens of others, had been spending the better part of 2020 moving more than €1bn worth of CLO vehicles out of the Netherlands.

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