TCM1000461 - How to convert foreign currency to British pounds

Version 1.0

Changes to previous version - new guidance.

Step 1

On the HMRC intranet homepage

• select ‘E’ from the ‘A-Z index’
• select ‘Exchange Rates’
• select ‘European Rates’ from the options available
• select ‘Go’
• note the average net exchange rate for the relevant tax year
• multiply this by the foreign income figure on the Annual Declaration
• enter this on the tax credits computer.