Exchange rates for taxation purposes

A

agoose

Guest
Person A receives a UK Social Security pension. It is paid in Sterling to a sterling bank account.

When a return is made with this amount given in Sterling how does revenue determine what exchange rate to use?

e.g do they fix a rate for a particular tax year at the end of that year or use an average or other method?
 
I use oanda.com for historical exchange rates on a given day for these purposes.

Sprite
 
Revenue publish a chart of [broken link removed]for each year. This can be found also in Revenue's publication "Tax Briefing". The amounts filed on a €uro Return should be given in €uro.
 
Revenue also accept the Central Bank rates available from the CB website.
 
Revenue accepts different methods of calculating excahnge rates, as long as the methods are used consistently.
For example, if you use an average rate for the year, you should use and average rate next time you calculate it for revenue and not change to a historical date.
This is my understanding.
 
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