On August 11, 2011, the U.S. Internal Revenue Service IRS issued Rev. Rul. 2011-19, which provides that a foreign tax credit is allowable for U.S. tax purposes for the Remittance Basis Charge RBC of 30,000 paid by certain individuals who elect the remittance basis of taxation in the United Kingdom. However, a credit will only [...]Related posts:UKs Remittance Basis Rules Raise Questions Regarding Exchange RatesU.K.’s Remittance Basis, Exchange RatesUK: New Bank Payroll Tax Guidance