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Posted Tue, 19 Dec 2023 12:02:09 GMT by
Hi, I would like to ask whether I can change the capital gain calculation by using different exchange rate base; i.e. using daily foreign currency exchange rate to using HMRC yearly average exchange rate? Last year I employed a tax advisor to submit my self-assessment. The tax advisor used the daily foreign currency exchange rate. This year I would do the self-assessment by myself. I would like to use HMRC yearly average exchange rate to calculate the Capital Gain Tax. I am amending the last year's capital gain calculation with HMRC yearly average exchange rate. I will submit the amended last year self-assessment and this year self-assessment together. Then I should pay the total capital gain tax amount of last year and this year with yearly average exchange rate deducting the amount I paid last year with daily exchange rate. Is it correct?
Posted Fri, 22 Dec 2023 14:26:28 GMT by HMRC Admin 32 Response
Hi,

Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.  
For your convenience, there are exchange rates at:

The National Archives: Exchange rates from HMRC in CSV and XML format

For older rates at:

The National Archives: Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2009

You are free to use any of the supplied rates or one of your own choosing.

Thank you.

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