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Help with UK calculation on euro savings in an irish bank

motherriley · 2011-01-18 07:24:16

I am trying to help a friend with tax return. Savings in euros, found link for spot rate for year concern, but it seems to have 2 rates for the same year and not sure which one he should use for his tax return. :( Thanks for any help, his saving are in an irish bank not sure if that make a difference…

18-01-2011 7:24am

#1

motherriley

Closed Accounts Posts: 128 ✭✭

Join Date: October 2010

Posts: 121

I am trying to help a friend with tax return. Savings in euros, found link for spot rate for year concern, but it seems to have 2 rates for the same year and not sure which one he should use for his tax return.

Thanks for any help, his saving are in an irish bank not sure if that make a difference

http://www.hmrc.gov.uk/exrate/european-union.htm

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Comments

#2 18-01-2011 5:33pm

nompere

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Join Date: December 2006

Posts: 1647

Most practitioners, in my experience, use average annual rates when converting income, particularly when there are lots of payments or it has accrued over the course of year, and daily rates when looking at CGT calculations.

I cannot imagine that UK Revenue will look at this differently

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