# Exchange Rate to use for Spanish Income Tax Return



## GallineraGirl (Aug 13, 2011)

Hi, I know that it's a bit early to be thinking about this, but does anyone know what the official exchange rate ( pound/euro) is, to use for the 2015 Tax Return (Renta) ? Also, where is this information obtained from, so we can find it for subsequent years? Thanks very much for any information.


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## Chopera (Apr 22, 2013)

GallineraGirl said:


> Hi, I know that it's a bit early to be thinking about this, but does anyone know what the official exchange rate ( pound/euro) is, to use for the 2015 Tax Return (Renta) ? Also, where is this information obtained from, so we can find it for subsequent years? Thanks very much for any information.


I think it's the Bank Of Spain official exchange rate for 31 Dec

http://www.boe.es/boe/dias/2015/12/30/pdfs/BOE-A-2015-14335.pdf

You can search by date here:

BOE.es - Diario BOE 2015


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## CapnBilly (Jun 7, 2011)

There is nothing in the tax legislation which says that you have to use a particular rate for income tax declarations, unlike say the Modelo 720, which is specifically defined as the 31st December.

Most gestors tend to use an average rate for the year, although I think there are some that also use the year end. Having said that, if you convert your sterling income to euros on receipt, then you can also use that, or some people use the rate on the day of receipt. At the end of the day, if you are submitting your own return you can use whatever rate you want, but bear in mind that you can be checked at any time, so it has to be defensible.

The average rate for 2015 was €1.3777. This is based on the daily official ECB rate.


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## GallineraGirl (Aug 13, 2011)

CapnBilly said:


> There is nothing in the tax legislation which says that you have to use a particular rate for income tax declarations, unlike say the Modelo 720, which is specifically defined as the 31st December. Most gestors tend to use an average rate for the year, although I think there are some that also use the year end. Having said that, if you convert your sterling income to euros on receipt, then you can also use that, or some people use the rate on the day of receipt. At the end of the day, if you are submitting your own return you can use whatever rate you want, but bear in mind that you can be checked at any time, so it has to be defensible. The average rate for 2015 was €1.3777. This is based on the daily official ECB rate.


We have, in fact, calculated a rate based on converting our income on receipt which turns out to be very close to the average rate you quote. Do you have a link to where you can find the official ECB rates, for future reference? Thanks.


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## baldilocks (Mar 7, 2010)

They take my pension as the amount that gets paid in to my Spanish bank, which is, of course, the amount I actually get.


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## xabiaxica (Jun 23, 2009)

CapnBilly said:


> There is nothing in the tax legislation which says that you have to use a particular rate for income tax declarations, unlike say the Modelo 720, which is specifically defined as the 31st December.
> 
> Most gestors tend to use an average rate for the year, although I think there are some that also use the year end. Having said that, *if you convert your sterling income to euros on receipt, then you can also use that*, or some people use the rate on the day of receipt. At the end of the day, if you are submitting your own return you can use whatever rate you want, but bear in mind that you can be checked at any time, so it has to be defensible.
> 
> The average rate for 2015 was €1.3777. This is based on the daily official ECB rate.


yep - my gestor uses the actual euro figure received into my bank account


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