A sum relevant for determining the value of a supply of goods or services may be expressed in a currency other than sterling. In these circumstances, the sum is converted into Sterling to value the supply. The sum is converted at the market rate that would apply in the UK to a purchase with Sterling of the sum in the relevant currency by the person to whom the goods or services were supplied1. The rate published in national newspapers is acceptable as the market rate2.
The sum is converted on the day on which the supply takes place3. The appropriate rate of exchange is determined by reference to the time when the supply takes place4.
Persons
To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to Tolley+™ Research or register for a free trial
Web page updated on 17 Mar 2025 13:32