According to Revenue's CGT1 Guide to Capital Gains Tax " Where disposals are made in foreign currencies the cost of disposal proceeds should be converted to Euro at the date of disposal" .
Thanks for your reply and help Ircoha,
Your post aligns to what I think/ said.
If you read my first post, I said that:
I did not mean to give incomplete information at all. That would not help me considering I am looking for an answer.
I shared your understanding too about the disposal date, but when I rang revenue they said something very different, which implied using monthly averages, and an almost 2% difference in the April rate which obviously confused me. The wording "commision" was not appropriate. I just meant "difference" between the monthly rates given by revenue, which are not averages, and the dates given by CB (the actual averages)
Thanks again.
I'm confused.
In your OP you quoted the guide that says you convert at the date of disposal.
What did you ring revenue for so?
I'm assuming it was to ask them for a rate?
If so, the person on the phone consulted what is the only source available to them, and gave the rate applicable at that date (albeit a figure for the whole month).
The point here is you need to stop for a second and look at the bigger picture; you were given a published rate which, if you chose to use, Revenue won't quibble about, as it is their figure. Alternatively if you want to go and calculate the specific rate at the date then fire away. I don't understand what the issue is TBH.
Another financial source had previously told me that I had to use monthly averages. Then, I read the CGT guide and it said to use the date of disposal. Because, both views were contradictory I rang revenue who gave me a third model, which is to use their monthly rates, which are not averages.
Basically, I had 3 views - 3 models that contradicted each other and I got confused... which was the motivation to start this thread.
I am sorry if this created even more confusion
Following the published CGT guide seems like the logical thing to do
Thanks
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