US relief for the remittance basis charge confirmed

It is reported that the remittance basis charge is accepted as being relievable against US tax. Since its introduction in 2008, it was unclear whether the remittance basis charge of £30,000 was creditable in the US meaning that many US taxpayers felt unable to claim the remittance basis in the UK at all. This will become even more important with the proposed increase in the charge to £50,000 after 12 years of UK residence to take effect from 6 April 2012. Going forward we should have some greater flexibility in how to arrange UK/US taxpayers affairs.

Lisa Spearman is a tax adviser and a partner at Mercer & Hole. The views given in this blog are personal to the author, if you would like to discuss the contents of this post with Lisa you can call her on 020 7353 1597. Email Lisa Spearman

 

Source: http://feeds.lexblog.com/~r/MercerHole/TaxPlusBlog/~3/PfT23HTmcjE/

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