Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Tue, 05 Sep 2023 18:12:57 GMT by ARAYEE
I received foreign bank interests in period of monthly, quarterly and bi-annully, all in foreign currencies. In completing the 2023 tax return, what exchange rate(s) should I apply to each of these interests? Should I just use the monthly exchange rate of April 2023 for all these received interests or monthly exchange rate in the month I received the relevant interest? Please advise.
Posted Thu, 07 Sep 2023 13:50:46 GMT by HMRC Admin 19

Under the terms of Self Assessment, HMRC does not provide an official exchange rate that you must use. The onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal. HMRC does list average monthly rates, average annual rates and two spot rates, which can be found here:

Exchange rates from HMRC in CSV and XML format 

Thank you.

You must be signed in to post in this forum.