There are new rules when calculating FIF income or loss. You now need to choose one of two methods, either:
- the average mid-month rate for the 12 months, or the relevant period, or
- the actual rate for the day for each transaction (including closing market value).
For the actual rate we accept the top row of Table A - mid-month rate as equivalent to an actual rate for transactions occurring in that month.
You must apply the chosen conversion method to all interests that you use that FIF calculation method for in this and each subsequent year.
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Date published: 25 Aug 2008