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HMRC internal manual

Tax Credits Manual

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.