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Posted Thu, 19 Mar 2020 02:58:02 GMT by Crw r
I have a question about foreign income that I do not exchange into sterling (such as US dollars that I deposit into a dollar currency account). When completing the foreign pages of my next tax return, is it acceptable to use the monthly exchange rates given at https://www.gov.uk/government/publications/hmrc-exchange-rates-for-2020-monthly to calculate the sterling amount? Thanks.
Posted Thu, 19 Mar 2020 11:10:00 GMT by HMRC Admin 4
Hi,

It is fine to use either the monthly exchange rate at the time of payment or you can use the spot average at the end of the relevant tax year.

This is generally dated around March. Please see link.

Exchange Rates

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