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11/05/2008, 8:44 ErnieY Joined on 05/12/2006 Nr Prayssac (Lot) Posts 2,950 Exchange rate for Tax purposes Understandably all figures on the tax forms are to be entered in Euros but at what exchange rate. For those who have Sterling incomes (your's truly for instance) this is an important number yet I haven't seen a rate stated anywhere. For those currently filling out their forms (again your's truly) it can't be "as on the day" surely ? My doctor said one drink per day, I can live with that !    Report

11/05/2008, 8:52 Patf Joined on 23/08/2004 SW Gers Posts 2,101 Re: Exchange rate for Tax purposes I rang our tax office on Friday and the man gave me 1.4237   This is obviously a good bit higher than today's rate. Mysterious - perhaps an average for last year.    Report

11/05/2008, 8:58 Clair Joined on 23/08/2004 ------- Forum Moderator ------- Lot Posts 6,254 Re: Exchange rate for Tax purposes http://www.completefrance.com/cs/forums/1218672/ShowPost.aspx Clair, a Real Virtual French Person La vérité est si obscurcie en ce temps et le mensonge si établi, qu'à moins d'aimer la vérité, on ne saurait la reconnaître. (Blaise Pascal)    Report

11/05/2008, 8:58 Bob T Joined on 05/10/2006 Dordogne Posts 909 Re: Exchange rate for Tax purposes Easy for me, I just enter the amounts paid into my French bank account and include the UK P60. Bob T 24 http://bikesindordogne.blogspot.com/    Report

11/05/2008, 9:15 Ron Avery Joined on 29/11/2004 Aveyron 12 Posts 3,098 Re: Exchange rate for Tax purposes What use is a P60 to support a tax return Bob?  Apart from being totally unnecessary, they will contact you if they want proof, it only gives the totals for the UK tax year March - April.  The mean average rate for 2007 calculated from the bank exchange rates, which is probably not what you actually got, was 1.45€ so if 1.42€ is being given as the official  figure that is lower.  At the start of the year it was 1.50€ going down to 1.38€. Ernie, its the rate prevailing at the time you received your income whether that was in £, $ or yen.  How you calculate what you declare is for your conscience. Ron in the Avey-ron    Report

11/05/2008, 9:17 Nell Joined on 14/08/2007 24 Posts 73 Re: Exchange rate for Tax purposes 1.3636 is what the French News newspaper said, so that is what I have used    Report

11/05/2008, 9:25 spg Joined on 23/08/2004 Southern Morbihan 56 Posts 1,047 Re: Exchange rate for Tax purposes  Nell wrote: 1.3636 is what the French News newspaper said, so that is what I have used But that figure was for calculating the value of your goods and chattels for the Impot sur la Solidarité de la Fortune ie ISF or wealth tax which is worked on 1st January with the exchange rate value for that day. Sue Computing - it's another world    Report

11/05/2008, 9:27 Ron Avery Joined on 29/11/2004 Aveyron 12 Posts 3,098 Re: Exchange rate for Tax purposes "1.3636 is what the French News newspaper said, so that is what I have used"  IF that is what it says, it just goes to show what a load of c**p that paper is then.  You know its wrong unless you got all your income in December 2007. If you got income throughout the year,  using an average rate below 1.42 is taking the piss and you know it Ron in the Avey-ron    Report

11/05/2008, 9:52 ErnieY Joined on 05/12/2006 Nr Prayssac (Lot) Posts 2,950 Re: Exchange rate for Tax purposes  Ron Avery wrote: Ernie, its the rate prevailing at the time you received your income whether that was in £, $ or yen.  How you calculate what you declare is for your conscience. On that basis then I should be looking at each of my payslips from August (when we moved) to December and calculating the rate on the relevant pay day. I pay PAYE tax in UK anyway so that side of things is not really an issue, it's really just for the interest from other deposits etc. and in all honesty, for the modest amounts involved at this point in time and for the 5 month's covered, whether it's calculated at 1.42 or 1.36 is pretty inconsequential. Don't know how I missed the other threads on the topic BTW so apologies for starting this new one My doctor said one drink per day, I can live with that !    Report

11/05/2008, 10:00 Lou Joined on 20/01/2006 Hautes Pyrenees - 65 Posts 91 Re: Exchange rate for Tax purposes I agree Ron. I've used the actual rate we got from the currency exchange people for my husbands pension - and an average of these amounts for the savings interest which we haven't transferred to France.  I feel this is a) honest and b) (as someone else said on one of the other threads I think) defensible, should I be asked by the Impots, as I have documents proving the rates throughout the year. They surely can't argue with that? The upside of this years low exchange rates will be, I guess, lower declarations and lower tax/social charges in 2009 - a small consolation perhaps? Lou    Report

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