- VAT Tertiary Legislation about VAT valuation
- Amounts of money for VAT purposes must be expressed in sterling
- Options for converting foreign currency to sterling include using UK market selling rate, HMRC period rate of exchange, or applying in writing for a specific rate
- HMRC will consider factors such as UK currency market reference, verifiability, and update frequency when evaluating applications
- The appropriate rate for any supply is that current at the time of the supply
- Tour Operators Margin Scheme suppliers should refer to VAT Notice 709/5 for details on converting purchase values
Source: gov.uk
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
