How to convert foreign currency to British pounds
Changes to previous version - new guidance.
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.