Excess Reportable Income in a foreign currency

Hello, I have question regarding which exchange rate to use when calculating Excess Reportable Income (ERI) on a foreign fund (registered as a "reporting fund") for the purposes of both income tax for that year and for adding to the base cost for Capital Gains Tax purposes on the investment. The specific question is what exchange rate should one use when converting an ERI per share figure given in US dollars by the fund provider? Please confirm, but my understanding is that there may be two dates that might be relevant: (i) the Fund Reporting Date, My understanding is that this is the date on which, if one owns the shares, then ERI is chargeable to income (ii) The Fund Distribution Date. This is the date on which the ERI is deemed to have been received by the investor if the shares were held on the fund reporting date referred to in (i) above Subject to your confirmation, it would seem logical that the ERI should be converted to Sterling on the date (ii) above, as this is the date on which one presumably recognises the receipt for tax purposes. But please could you confirm this. Thank you.

Hi Ed G100,
Excess reported income is treated as being received on the ‘fund distribution date’.
The fund distribution date for a reporting fund is 6 months following the last day of the reporting period.
Thank you. 

Dear HMRC Admin 25, thanks for your response but with all due respect your answer doesn't answer the central question. This question is: Which date's exchange rate should one use? It would seem logical to use the one prevalent on the "fund distribution date", given this is the date the dividend is deemed to be received, but i'd be grateful if you'd confirm this. Thank you in advance.

Hi Ed G100

Yes, the appropriate exchange rate would be the one relating to the 'fund distribution date'.

Thank you

Thank you