Revenue’s Exchange Rates for 2016 Tax Returns

Revenue have just published the official 2016 average foreign currency exchange rates which should be used to convert foreign currency amounts in 2016 tax returns.

You should use these rates when converting to Euro, any income (whether from trading, rental, employment, investment or other sources) which is denominated in Sterling, Dollars or other currencies.

The rates are based on average Central Bank exchange rates throughout 2016. These, and the corresponding rates for earlier years, are as follows:

Average Market Mid-Closing Exchange Rates v. Euro
2013 2014 2015 2016
Australian dollar AUD 1.3777 1.4719 1.4777 1.4883
Brazilian real BRL 2.8687 3.1211 3.7004 3.8561
British pound Sterling GBP 0.84926 0.80612 0.72585 0.81948
Canadian dollar CAD 1.3684 1.4661 1.4186 1.4659
Chinese yuan CNY 8.1646 8.1857 6.9733 7.3522
Danish krone DKK 7.4579 7.4548 7.4587 7.4452
Indian rupee INR 77.9300 81.0406 71.1956 74.3717
Japanese yen JPY 129.66 140.31 134.31 120.20
Norwegian krone NOK 7.8067 8.3544 8.9496 9.2906
Russian ruble RUB 42.3370 50.9518 68.0720 74.1446
Swedish krona SEK 8.6515 9.0985 9.3535 9.4689
Swiss franc CHF 1.2311 1.2146 1.0679 1.0902
US dollar USD 1.3281 1.3285 1.1095 1.1069

Unsurprisingly, the 2016 rate for the British Pound reflects its fall after the Brexit referendum vote last June, but note that it’s still only marginally higher than the corresponding figure for 2014, and it’s actually lower than the 2013 figure.

Lloyds Accounts

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 2012 is Stg £1 = €1.16798.

The new Revenue eBrief publishing these details is here.

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