Paragraph 35 Domestic top-up tax: exchange rates

In section 270 (domestic top-up tax: amount charged), at the end insert—

“(4)

The exchange rate to be used for a conversion to sterling required by Step 2 in subsection (A1) or Step 3 in subsection (1) is—

(a)

the average exchange rate published by the European Central Bank for the accounting period in question;

(b)

where no such rate is published by the European Central Bank, the average exchange rate published by the Bank of England for the accounting period in question;

(c)

where no such rate is published by either the European Central Bank or the Bank of England, such rate as appears, on a just and reasonable basis, to reflect the average exchange rate for the accounting period in question.”