Capital Gain - Use of exchange rates

Hi, I have 2 questions regarding the use of exchange rate to calculate the capital gain tax: 1. I know it is free to use yearly average and spot rates or monthly rates in "Exchange rates from HMRC in CSV and XML format" to calculate the capital gain or loss. I had a transaction to trade an US stock, where I bought and sold the shares in both September 2022. Is it allowable for me to choose, for example, the January 2023 monthly rate for acquisition and March 2023 monthly rate for disposal? 2. I had conducted 20 transactions to trade US stocks in 2022/23, is it allowable for me to use different rates for each of the transactions? Many thanks!

Can anyone answer my question? Many thanks!

Hi, can anyone answer my question? Appreciate your help! Let me rephrase my question: I have made a US stock transaction, both the purchase and disposal were conducted in November 2022. I understand it's allowable to choose the yearly rate (i.e. (A) average for the year to Mar 2023, or (B) average for the year to Dec 2022, or (C) spot rate on 31 Mar 2023, or (D) spot rate on 31 Dec 2022) or the monthly rate during 2022/23. I want to clarify whether I can freely choose any monthly rate during the year. For my transaction, the purchase and disposal were both conducted in November 2022. Can I, for example, use April 2022 monthly rate for the purchase, and use March 2023 monthly rate for the disposal? Many thanks!!

Hi,

You are free to use the average yearly rate, the appropriate spot rate, or the monthly rate. If you choose to use the monthly rate, it should be the rate for November 2022.   

HMRC exchange rates for 2022: monthly

Thank you.

Thanks for the clarification for the monthly rate! You said I can choose the appropriate spot rate. In this case, the purchase and disposal were both conducted in November 2022, am I free to use the spot rate: 1. on 31 Mar 2023 or 31 Dec 2022? (because these are rates for tax year 2022/2023 in which my transactions fall) or 2. on 31 Mar 2022 or 31 Dec 2021? (because these are rates exist when my transactions were conducted). Many thanks!

Hi,
Yes you can use any within 06/04/22 - 05/04/23.
Thank you.