Income and wealth tax exchange rates

When making your income and wealth tax declarations you have to use slightly different exchange rates

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SOME people have been unsure about the correct exchange rates to use when making income and wealth tax declarations this year.

Both declarations have to be made in euros, requiring you to make a conversion if you have income or capital in pounds sterling.

Several readers have been in contact, quoting different exchange rates that their tax office has provided.

The rates that should be used are as follows:

Income tax
£1 = €1.12297 (ie. multiply sums in pounds by the euro figure)

Wealth tax
€1 = £0.8881 (ie. divide sums in pounds by the sterling figure)

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