Where do I find exchange rates for self asessment (UK taxes, not US)

I need to report money I remitted from the US to the UK in 2008-2009, and I am trying to find the exchange rates HMRC uses. I know how to get the exchange rates for filing my US taxes, but I can't figure out which rates HMRC uses.

The guidance notes for foreign taxes just say the exchange rates are on hmrc.gov.uk, but all I can find on that website are exchange rates for customs and VAT purpose.

This is just personal income that was wired to my UK bank account, not business related.

Can someone guide me to the correct link with exchange rates?

I think this is the link you need ..... click here.

For remittances one would normally use a spot rate such as those provided by OANDA XE or XRATES.  HMRC are typically content if the rate is reasonable.

If the income was taxable in the US, you'll need to remember to "resource" the income on your US return so that you get credit in the US for the UK tax.

Thanks Guya. I wasn't sure how fussy they were.

I need to report money I remitted from the US to the UK in 2008-2009

Given that you are talking about money actually remitted, I think you should use the actual rates obtained from those remittances.

John - maybe I am confused but surely one would use the actual exchange rates for the dates the income or gains were received to figure the amounts annd one would then have a currency gain or loss on the date of remittance.  At least I think that is what HMRC say here on page 31:

http://www.hmrc.gov.uk/cnr/rdrm-remittances.pdf

I think that HMRC are trying to cope with a number of different possibilities there. For example, just using a remiitance of US$ from the US to the UK. For example I think all of the following are possible, and the HMRC explanation covers all of them :-

• The US$ are sold for £. That is, US$ are deducted from a US bank account, and £s are credited to a UK bank account. (This is probably the most common situation.)
• The US$ are sold in the US and credited to a £ bank account in the US. At a later date the £s are remitted to a UK bank account.
• The US$ are transferred from the US and credited to a US$ bank account in the UK. At a later date the US$, already in the UK, are converted into £s and credited in the UK to a £ bank account.
• The US$ are transferred to a US$ CI (Channel Island) bank account, and at a later date are converted in the CI into £s, and even later are remitted to the UK
• Slight variation on that one, some of the funds are spent in CI when on holiday there, and the remainder of the funds are remitted.
• etc etc.

I think the HMRC explanation covers all of those.