Sorry if I was not clear enough.
In the case you have explained it can. If Germany has taken any UK territory(Canada or Africa), then the US will collect the income if it retakes it.
As soon as London is liberated, the former UK territories the US recaptured from the Germans will return to the UK.
MOVED: A&A 2nd Edition IPC (& More) Log Sheet
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This topic has been moved to Axis & Allies 2nd Edition.
http://www.axisandallies.org/forums/index.php?topic=22229.0
It was about time…