Jump to content
Complete France Forum

Declaring UK Property Profits on French return - exchange rate to use?


Daft Doctor

Recommended Posts

Hi, when declaring UK property profits on the French tax return a figure in euros will be needed.  As individual bits of rent received and associated tax deductable expenses are multifold throughout the year, am I correct in thinking that it will be ok to just come to a sterling figure for the UK taxable profit for the period ended 31/12/12 then just use the Banque de France exchange rate figure for that day to convert it into euros.  To do it piecemeal using daily exchange rates applicable to each bit of income and expenditure would take at least a fortnight of number crunching, so I hope that can be avoided.  Many thanks for any advice offered as always.
Link to comment
Share on other sites

DD ..............

This has been debated many many times in the past and there are thus as many ways of arriving at an exchange rate as there are recipes for a Boeuf Bourgignon!

Sunday Driver used to get a number from (I think) the central office of the Impots, but I've never been able to access the particular site. Some do as you're suggesting, some average their periodic transfers to arrive at a number for the year, some email their local Impots for a figure. I have a monthly transfer from a money broker for a contract made each October: I take 10/12ths of the Jan - Oct value and 2/12ths of the Nov - Dec figure to arrive at a number that represents what I actually get, rather than an interbank rate which is hard to get close to.

The best advice that's often repeated here, is that whatever method you use, make sure that its rational and consistent in its methodology from year to year if ever you were asked the question by the Impots.  

Link to comment
Share on other sites

[quote user="Daft Doctor"]Hi, when declaring UK property profits on the French tax return a figure in euros will be needed.  As individual bits of rent received and associated tax deductable expenses are multifold throughout the year, am I correct in thinking that it will be ok to just come to a sterling figure for the UK taxable profit for the period ended 31/12/12 then just use the Banque de France exchange rate figure for that day to convert it into euros.  To do it piecemeal using daily exchange rates applicable to each bit of income and expenditure would take at least a fortnight of number crunching, so I hope that can be avoided.  Many thanks for any advice offered as always.[/quote]

Hi,

   If it's any help , in 20 years of declaring in France I have never been asked to justify my € figures.

Link to comment
Share on other sites

Thanks to you both, its what I expected, just need to be consistent and record the rate used and the source.  I will definitely just chose a single rate, and unless there is a wild change in the £/euro rate before the end of the year I'll just use a 31/12 figure from a relaible source such as the Banque de France. 
Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...