Taxation of credit funds: from one crisis to another

As readers will be aware the financial crisis brought about a significant change in the international lending markets. Such a change was first evidenced during the crisis itself as the need for alternative sources of finance became more acute. This became entrenched in the following years as fundamental changes to the international regulatory framework and market practices more generally resulted in a permanent shift from banks to alternative sources of finance. This has resulted in the size and scope of credit funds rapidly expanding over the last decade with them now playing a fundamental role in the international lending markets.

With the onset...