Commentary

I8.224 Rates of exchange

IHT, trusts and estates

I8.224 Rates of exchange

I8.224 Rates of exchange

The rate of exchange between sterling and other leading currencies varies constantly and, although the London buying rate (which gives the lowest sterling value) is usually adopted, it is open to the taxpayer to show that other rates were available on the date of valuation. If there is an actual sale of currency on that date, the rate obtained may apply in preference to any theoretical rate. However, in the case of blocked foreign assets (see I8.226) the rate of exchange applied by HMRC may not necessarily be the official or published rate. Where there is

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