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  • Assessment on foreign income with different exchange rates

    Dear HMRC, I have a confusing situation described in the following sequence: I moved to the UK and started working in May 2022 (employed and tax deducted from salary), in the meantime my previous employer in Lebanon kept paying me services on my Lebanese Bank account until July 2022. The payments in Lebanon were made in the local currency (Lebanese Lira) and these were already taxed. I have 2 questions: 1 - Am I entitled for a tax relief since I already paid taxes in Lebanon (I can provide a document of proof) 2 - If the answer to question 1 is no and If I have to pay taxes again in the UK (on top of Lebanese paid taxes), which currency rate for the Lebanese Lira is used, the reason this is important is that the current 'international' rate for the Lebanese Lira is not correct (1GBP= 1700LL) but in reality, Lebanese banks are trading on "sayrafa platform" (https://lbprate.com/index.php) where the rate is around 1GBP=30 000 LL, this is a huge difference, and it might mean that I will be overtaxed on amounts of money I didn't really receive. Also, the last official Bank of Lebanon rate was updated in January 2022 and is shows the rate was already climbing drastically (around 22000LL instead of 1700LL.  Any help, guidance is much appreciated, it's stressful situation and I have no clue how to deal with it. Thank you