Frequently Asked Questions about the euro - payment of tax and National Insurance contributions

Which tax and National Insurance liabilities can I pay in euro?
What charges will be made for converting euro payments into sterling?
What exchange rate do I use to convert my sterling tax and National Insurance liabilities into a euro amount for payment?
What happens if the converted amount is either too much or too little?
If I make tax payments in euro will any repayments be made to me in euro?
Can I pay my UK tax bill directly from my euro account based in a euro-area country? If so, how?

Q. Which tax and National Insurance liabilities can I pay in euro?

A. You can pay any tax or National Insurance liability in euro, and we will convert the payments into sterling.

You can pay by:

Bacs Direct credit, Internet or Telephone banking
CHAPS
Euro denominated cheque
Euro notes (HMRC offices at ports and airports only)

You can find further details about euro payment procedures in the area specific guides within the Paying HMRC section of this website.

Paying HM Revenue & Customs

Q. What charges will be made for converting euro payments into sterling?

A. We will not pass on to you any of our administrative costs for converting euro into sterling unless it is a euro payment drawn on an overseas bank account. However, we will not meet the risk of any currency value fluctuations.

Q. What exchange rate do I use to convert my sterling tax and National Insurance liabilities into a euro amount for payment?

You have to estimate the exchange rate at the time of payment, because the actual rate used is the one in force when the clearing bank presents your payment. This rate cannot be predicted in advance by HMRC, so we cannot set a rate for you.

There are a number of different sources of information that can help you make an estimate of the exchange rate on the day of payment. These include:

Bank of England website (opens new window)
High street banks
HMRC Daily Exchange Rates Helpline (01702 366349)
Ceefax / Teletext

Q. What happens if the converted amount is either too much or too little?

A. The rate of exchange between sterling and the euro can vary many times during the same day, as with any other currency. The exchange rate used is the one in force when your payment is presented by the clearing bank. If the rate used for converting euro into sterling leaves a shortfall, you may have to pay the difference. If you overpay, any repayment arising will be made to you in sterling.

Although you cannot totally eliminate the risk of shortfall or overpayment , you can minimise it by using CHAPS or Bacs rather than cheque. Both of these methods reduce the time it takes for the payment to be cleared through the banking system.

Q. If I make my tax payments in euro, will any repayments be made in euro?

A. No. All tax repayments are made in sterling, including overpayments due to exchange rate fluctuations.

Q. Can I pay my UK tax bill directly from my euro account based in a euro-area country? If so, how?

A. There are a number of methods of payment that can be used from euro bank accounts held overseas, depending on the value of the payment:

Bacs Direct Credit, Internet or Telephone banking or CHAPS transfer to the relevant HMRC bank account, which will be accepted for any amount. These are our preferred methods of payment from an overseas account, and are also the best method for you to minimise your risk of overpayment or underpayment due to exchange rate fluctuations.
A euro cheque (drawn on an overseas euro account), which will be accepted only if your tax liabilities are over £50. (Cheques for less than the equivalent of £50 that are drawn on an overseas euro account would be returned, because of the high bank charges for conversion.)
A Eurocheque (from a Eurocheque account) will be accepted providing individual Eurocheques do not exceed the equivalent of £700. (Eurocheques for less than the equivalent of £700 cost the same as a sterling cheque to process, but Eurocheques for more than £700 incur higher bank charges for conversion.) If your tax liabilities exceed £700, then more than one Eurocheque can be submitted for a single tax liability, but each individual Eurocheque should not exceed the equivalent of £700.

Paying by euro

If you choose to use Bacs Direct Credit, Internet or Telephone banking or CHAPS , you will need to provide your bank or building society with HMRC’s bank account details. You should check with your bank or building society to see how long it takes to transfer a payment.

International Bank Account Number (IBAN)	SWIFT Bank Identifier Code (BIC)	Account Name
GB05CITI08321012001020	CITIGB2L	HMRC Shipley
GB74CITI08321012001039	CITIGB2L	HMRC Cumbernauld

Note: You must provide your bank with both the IBAN and SWIFT BIC Code.