spainrico

Anybody got the rate we need to declare pound income at for the annual Spanish tax declaracion? (and where did you get it from?)

Fred James

1.139727 from OFX.com

spainrico

I thought it would be a Spanish government site, not a commercial foreign exchange setup?

Fred James

Why would that be significantly different? You can use whatever source you like as you do not have to say how you arrived at your figures. Personally, I use the actual amounts paid into my Spanish bank after any charges.

spainrico

I always thought the Spanish AEAT published their official figure but you could use your own if you tracked your actual rates throughout the year.

As I don't bring it monthly but wait and try and grab the highest rate I don't have a lot of actuals to average out.

Fred James

The ECB rate is 1.13934 EUR/GBP or 0.87777 GBP/EUR

Casa Santo Estevo

They do set the rate. I understand it is done on the final day of the financial ear.
That is 31st Dec. Your tax office will confirm what the rate is.

Fred James

If so, please supply a link to it.

All I can find on the AEAT site is that they use the ECB rate.

You may be confusing that with the rate they set on 31st December which is used for the Form 720 asset declaration.

There is no reason why they should give an average rate as it is your responsibility to declare your income in Euros. How you arrive at that is down to you.

chopera

I used this link for last year's tax return, you need to hunt around for it. It's usually published on or around the first working day after the 31 dec

https://www.boe.es/diario_boe/txt.php?id=BOE-A-2019-115

Fred James

That is the official rate on 31/12/2018 - it is NOT the yearly average which is what you must use for your Renta declaration.

The spot rate is used for many things, especially for the Form 720 asset declarations.

chopera

Thanks. My gestora never mentioned that to me

spainrico

OK understand all above comments just in case anybody wants the link for EOY 2019

https://www.boe.es/boe/dias/2019/12/31/index.php?e=1020

Casa Santo Estevo

That is what I would have given if i had been back to the forum quick enough. Thanks for the link.

Where is the proof of that; where is link for that?

spainrico

OK - this shows it in black and white

https://www.x-rates.com/average/?fro...nt=1&year=2019

and with a quick calculation, it all comes back to 1.139 (exactly what Fred as always!)

Fred James

I have no idea, but I have done it like that for 20 years. Others that go to the tax office to do their declarations are always told to use that rate and if you ask the tax office that is what they will tell you and they will give you the rate.

Strictly speaking, you should use the rate on the day you earned the money but that would be impracticable which is why they accept an average.

Using the year end rate could result in a serious miscalculation, either way.