MOD 720 Conversion Factor

[NAH]

Can anyone tell me where I can find the official conversion figure for £'s -> €'s to use for the MOD720 this year?

[Nova]

I'm so sorry, I've only just seen this.  Have you found it? It's published in the BOE.

Edit: It's HERE .  For tax purposes you use the exchange rate on 31st December each year, which is published in the BOE of the following working day with the title "Mercado de Divisas".

[NAH]

I'm so sorry, I've only just seen this.  Have you found it? It's published in the BOE.

Edit: It's HERE .  For tax purposes you use the exchange rate on 31st December each year, which is published in the BOE of the following working day with the title "Mercado de Divisas".

Thank you, I'll check it out in the morning.

[NAH]

Thank you, looks like it's 0.084028 for the £

Just what I needed 

[TOTO 99]

Thank you, looks like it's 0.084028 for the £

Just what I needed 

If you get stuck, ask this fella     

[NAH]

If you get stuck, ask this fella     

He fiddled his tax return, they're not due yet, only the MOD720 before end of March 

[TOTO 99]

He fiddled his tax return, they're not due yet, only the MOD720 before end of March 

I think you'll find he was acquitted....  Unlike Lester Piggott   

[NAH]

I'm so sorry, I've only just seen this.  Have you found it? It's published in the BOE.

Edit: It's HERE .  For tax purposes you use the exchange rate on 31st December each year, which is published in the BOE of the following working day with the title "Mercado de Divisas".

Since the MOD720 is a declaration of assets outside Spain I assume you use the inverse of the figure quoted in the BOE, otherwise the exchange rate wouldn't make sense So I'd use 1 / 0.84028 = 1.190079497 (unless it's rounded of course)

So for every £ outside of Spain (over the threshold) I need to declare €1.19 on the MOD720

We have engaged an accountant to do the first year's submission for us but I also want to be certain that they submit it correctly, since no doubt it would be my fine and not theirs.

[Nova]

I haven't checked the maths but yes, that sounds right. I'm not sure what you mean by "over the threshold"? You only need to do a declaration if your wealth outside Spain is over the threshold but you declare the actual value. When i did mine the threshold for declaration was €50,000. The value (purchase price) of my house in the UK was £60,000. So my 720 declared my foreign assets at the then euro equivalent of £60,000. Not the difference between the two.

[NAH]

I haven't checked the maths but yes, that sounds right. I'm not sure what you mean by "over the threshold"? You only need to do a declaration if your wealth outside Spain is over the threshold but you declare the actual value. When i did mine the threshold for declaration was €50,000. The value (purchase price) of my house in the UK was £60,000. So my 720 declared my foreign assets at the then euro equivalent of £60,000. Not the difference between the two.

Yes I meant the €50,000 declaration threshold. I appreciate that it is the total value which needs to be on the MOD720 and also declared as 'sole' or 'jointly' owned (percentage)