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.