Average Euro rate for renta declaration 2017

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fyfin
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Average Euro rate for renta declaration 2017

Postby fyfin » Sat Jan 06, 2018 3:28 pm

I know it's early but I have been compiling information for my tax return and wondered if anyone had the rate to use for renta tax returns £/€. It's an a average of the rates during the year I believe. There's a different rate for asset declaration but I don't need that as no UK assets now.
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Re: Average Euro rate for renta declaration 2017

Postby Beachcomber » Sat Jan 06, 2018 3:47 pm

£1 = €1,14068 (Source ECB)

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Re: Average Euro rate for renta declaration 2017

Postby fyfin » Sat Jan 06, 2018 4:04 pm

Fantastic rapid response. Many thanks.
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Re: Average Euro rate for renta declaration 2017

Postby gerryh » Sat Jan 06, 2018 4:46 pm

£1 = €1,1413 (Source viewtopic.php?f=42&t=27576) :think: :think:
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Re: Average Euro rate for renta declaration 2017

Postby fyfin » Sat Jan 06, 2018 5:35 pm

Both pretty close so don't suppose it matters.
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Re: Average Euro rate for renta declaration 2017

Postby El Cid » Sat Jan 06, 2018 11:27 pm

Since you do not have to declare what exchange rate you use, no, it doesn’t really matter. The figure of 1.1413 is the figure I got from the ECB interest rate figures average for 2017.

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Re: Average Euro rate for renta declaration 2017

Postby elusive » Sun Jan 07, 2018 6:25 pm

If you get a £ amount paid into your spanish account in euros does it matter which you declare.The original £ amount or the € amount that goes into your spanish bank. Is their a rule inregards to it

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Re: Average Euro rate for renta declaration 2017

Postby gerryh » Sun Jan 07, 2018 7:30 pm

I don't declare a rate as my company pension, originating in £s from the UK, is paid into my Spanish bank in €s.
I declare the total amount received in €s as that is the actual income I receive.
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Re: Average Euro rate for renta declaration 2017

Postby El Cid » Sun Jan 07, 2018 7:36 pm

There are no rules as such. Tax is a self declaration system and it is up to you to file the correct information. You just declare your income in Euros, how you arrive at that figure is up to you. The only circumstances where you would need to justify your calculations is in the very unlikely event that Hacienda challenged your declaration.

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Re: Average Euro rate for renta declaration 2017

Postby elusive » Sun Jan 07, 2018 8:01 pm

Thanks

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Re: Average Euro rate for renta declaration 2017

Postby markwilding » Sun Jan 07, 2018 8:49 pm

My situation is slightly different because earnings from the UK never come to Spain so it's important to have a general rate, which is used to calculate how much tax needs to be paid.

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Re: Average Euro rate for renta declaration 2017

Postby marios » Fri Jan 19, 2018 12:24 pm

I've just been into see my tax person early and she said 1.12, I should have asked her can I claim anything back from my mortgage payments, been paying since 2005,does anyone know if this is possible.

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Re: Average Euro rate for renta declaration 2017

Postby Wicksey » Fri Jan 19, 2018 1:00 pm

I went through all the money I drew out from the UK during 2017 and the exchange averaged out at 1.11 so I will use that. I have left it to my gestoria in the past and I now realise that the rate she used was probably higher than what I actually got on my money during the year.

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Re: Average Euro rate for renta declaration 2017

Postby AkoAko » Fri Jan 19, 2018 2:06 pm

Wicksey wrote:I went through all the money I drew out from the UK during 2017 and the exchange averaged out at 1.11 so I will use that. I have left it to my gestoria in the past and I now realise that the rate she used was probably higher than what I actually got on my money during the year.


If you were paid in GBPs then you should apply the official exchange rate , you cant use a rate that you received to exchanged your earnings later to bring them here because the earnings had already been paid in GBP .

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Re: Average Euro rate for renta declaration 2017

Postby El Cid » Fri Jan 19, 2018 2:37 pm

For payments into your UK bank you can either use an average rate for the year or the actual rate on the day the payment was made.

In the case of the state pension, if it is paid in Euros direct to Spain then I would use the actual amounts received.

That said, no one is likely to check it and I cannot find any guidance to what you should use in any of the AEAT guidance or manuals.

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