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Posted Fri, 13 Oct 2023 16:18:21 GMT by Geoffrey Twigg
The self assessment form states that foreign pension exchange rates should be the spot rate on the day that the income is received. My French pensions are paid straight into my UK bank account in £sterling with my bank automatically converting the euros into pounds. I am confused having read a number of threads on the subject. It appears from the threads that irrespective of the instructions to use the daily spot rates I can instead use the HMRC monthly rates or the annual rates. A later thread also suggested that I could simply use my banks conversion rate which would enable me to simply use the pounds that arrive in my bank account. Could you please clarify what I can use when completing my self assessment?
Posted Wed, 18 Oct 2023 11:23:51 GMT by HMRC Admin 19

You can use any of the spot rates for the tax year from the link here:

Exchange rates from HMRC in CSV and XML format

If it is more beneficial to use the rates applied by your bank when the funds were paid in, you can also use them.

Thank you.

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