Revenue Sterling Exchange Rate for 2017 tax return

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Feemar5

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Hi - does anyone know what the revenue rate for sterling conversion is for 2017 tax return please.
 
Sorry, just curious to know what this means. Is it for valuing assets that are held in Sterling? Presumably any transactions that actually involved converting Sterling to Euro get counted at whatever conversion rate was used at the time?
 
It's £.87667 to €1

Ebrief https://www.revenue.ie/en/tax-professionals/ebrief/2018/no-0182018.aspx links to (bottom) table in https://www.revenue.ie/en/tax-profe...ains-tax-corporation-tax/part-04/04-06-12.pdf


dub_nerd said:
...... Presumably any transactions that actually involved converting Sterling to Euro get counted at whatever conversion rate was used at the time?
Click to expand...
..... is exactly what I thought for my first Irish tax return of UK pension income. With 4 small pensions between the wife and I, paid at different times of the month, it was a tedious spreadsheet job. I then discovered that the Revenue Commissioners publish an annual average rate that they are happy to accept (certainly for income tax - I don't know about CGT or other taxes). Doh!

If you look further behind it, it's simply a re-publication by the Revenue of averages published annually by the Central Bank of Ireland.

Paul
 
Gotcha. Thanks Paul.
(For CGT where I sell shares in Sterling, I have to account for the transactions individually anyway, and they're all instantly converted and accounted by the broker in euro so it's just as easy to use the actual figures).
 
You can go through the tedious job of doing a month by month conversion. What I do - for small amounts- is simply average the 12 monthly rates used by revenue and use that.

For CGT it is important however to convert the purchase price at the rate then prevailing, and the disposal price a rates at time of disposal.
 
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