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Posted Mon, 07 Oct 2024 11:29:21 GMT by iren
Hello! I have a couple of questions about excange rates for Capital Gain calculations. My situation as follows: 1. I received USD in 2020 from sale of some assets in USD ( appropariate exchange rate was used to declare conversion of USD/GBP at the time for tax calculations) 2. I used thiese US Dollars (aquired in 2020) to purchase shares in 2021 3. I sold the shares in 2023 4. I partially converted USD into GBP in 2023 and rest of the money was left in USD. I have a couple of questions regarding my capital gans calculations: 1. Can I use the exchange rate USD/GBP for 2020 (when I actually aquired USD and not when I bought the shares, using these USD) to calculate the purchase price of shares in GBP? 2. When I sold the shares in 2023, I made a partial conversion of my USD to GBP. Can I use actual conversion rates for the converted amount and a spot rate for the remaining amount (which was not converted to GBP.) ? Thank you in advance for your help!
Posted Thu, 17 Oct 2024 10:49:41 GMT by HMRC Admin 19 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 here:
Exchange rates from HMRC in CSV and XML format
You can see older rates here:
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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