US1.8.1 Unilateral Relief

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Commentary

USA

US1.8.1�� Unilateral relief

The Internal Revenue Code allows a credit for foreign tax suffered on what, under US rules, is treated as foreign source income.

Unlike the UK, relief is not given on a per-country basis. (ie only foreign tax

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Entity classification

Carried-forward losses restriction

Short-term business visitors (STBVs)

Ministers of religion

Holdover relief for disposals by trustees

Transfer of assets to beneficiaries ― legal, administration and tax issues

Associated companies ― from 1 April 2023

Supplies of goods and services connected with education

Relief for employee share schemes

Loans provided to employees

Classes of NIC and who pays them

VAT registration ― change of VAT registration details

Transferable tax allowance (also known as the marriage allowance)

Reverse charge ― buying in services from outside the UK

Research and development expenditure credit (RDEC)

Allowable deductions for employee-related expenses

Sales, advertising and marketing

Enterprise investment scheme tax relief

Overseas property businesses for companies

Outright gifts

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