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:
|British pound Sterling||GBP||0.84926||0.80612||0.72585||0.81948|
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.
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.