# Finance Act 2026, Paragraph 35: Domestic top-up tax: exchange rates

Extent: E+W+S+N.I.

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.”

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Source: https://www.legislation.gov.uk/ukpga/2026/11/schedule/8/paragraph/35 (the official version)
Page: https://openlegislation.uk/finance-act-2026/schedule-8/paragraph-35
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.