Commentary

V3.164 Value—conversion of foreign currency

Part V3 Supplies, acquisitions and imports

V3.164 Value—conversion of foreign currency

V3.164 Value—conversion of foreign currency

A sum relevant for determining the value of a supply of goods or services may be expressed in a currency other than sterling. Where this is so, the sum is converted into sterling for the purpose of valuing the supply. The sum is converted at the market rate which would apply in the UK to a purchase with sterling of the sum in the currency in question by the person to whom the goods or services were supplied1. The sum is converted on the day on which the supply takes place2. The appropriate rate of

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