If you have income denominated in a non-Euro currency, you may wonder which is the most appropriate exchange rate to use when preparing your 2013 tax return and calculating your tax liability.
Revenue have just published their official exchange rates for a range of currencies for 2013, based on Central Bank rates.
These are as follows, along with the corresponding rates for earlier years.
|Average Market Mid-Closing Exchange Rates v. €|
|UK Pound Sterling||GBP||0.85784||0.86788||0.81087||0.84926|
A special rate applies for conversion of Lloyds Account amounts from sterling to euro. This is based on the sterling mid-closing rate on the last market day of each calendar year, as per the Central Bank. The rate for 2013 is Stg £1 = €1.19947.
The above figures are detailed in today’s Revenue eBrief.