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Posted Fri, 10 Jan 2025 20:52:16 GMT by taxq78
I have the first year of foreign property income to report.The property is POland and I am employed in UK - UK tax resident. Do I just complete the foreign section for property? Shall I delete the UK property income section? I have a question regarding exchange rates. I receive my rent monthly, do I convert each month using the exchange rates for each month published by HMRC? Tax year in Poland is January to December but I pay an on account payment for tax each month. I have submitted tax assessment for Jan to Dec 24. Do I use the foreign tax paid from my Polish tax assessment to claim the foreign tax relief or do I add up all on account payments for all relevant months for UK April 23 to March 24? Many thanks
Posted Thu, 23 Jan 2025 17:07:38 GMT by HMRC Admin 1 Response

The HMRC Customer Forum is for general queries only and is intended to help our customers self-serve.
You pay tax in the normal way on overseas property. But if you rent out more than one, you can offset losses against other overseas properties.

We are unable to provide financial advice or further interpretation of the guidance provided on GOV.UK:
Tax on foreign income: Foreign income that's taxed differently - GOV.UK

Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.
You are free to use any of the three rate HMRC provides, or you can use a rate obtained elsewhere, such as a newspaper or the London Stock Exchange.
For your convenience, there are exchange rates at:
The National Archives: Exchange rates from HMRC in CSV and XML format

For older rates at: The National Archives: Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2009
You are free to use any of the supplied rates or one of your own choosing

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