2020 French tax declaration: Sterling exchange rate

The new tax-at-source system launched in France last year but the vast majority of people still need to make an income declaration this spring, with any foreign currency income converted into euros.

Strictly speaking, you should use the Banque de France rate on the day the income was banked to do the conversion.

However, if you receive regular amounts of foreign currency, the tax authorities tolerate the use of an average.

The Finance Ministry told Connexion a suit-able method is to take an average of the last rate of the year and the last one of the preceding year.

For the year 2019, this gives a rate of :

£1 = €1.1466

For information on how to declare different kinds of income in your 2020 declaration of 2019 income, see our annual French Income Tax Guide, published on March 26.

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