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Earnings in foreign currency - Exchange rate

Archived UK Tier 1 (General) points system forum. This route no longer exists.

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pavanbarnala
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Joined: Tue Dec 06, 2011 11:40 pm
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Earnings in foreign currency - Exchange rate

Post by pavanbarnala » Wed Feb 01, 2012 12:05 am

Hello People,
I'm applying for a Tier-1 (General) extension. I'm claiming 11 months earnings - 1 Feb 2011 - 31 Oct 2011 and 1 Dec 2011 - 31 Jan 2012.
Earnings are in the form of monthly salaries. Earnings for first 10 months is outside UK. For converting the earnings to GBP, as per the guidelines, I'm supposed to take the exchange rate on the last day of the period of earnings claimed.

Which one of the following cases should it be?

Case 1:: (Feb 2011 salary * Exchange rate on Feb 28 ) + (Mar 2011 salary * Exchange rate on Mar 31) + ...... (Oct 2011 salary * Exchange rate on Oct 31) + (Dec 2011 + Jan 2012)
If this is how it should be, then J5 of Section 3 in Tier 1 (General) Application Form should have
11 entries - 9 entries for 9 months of foreign salary with corresponding exchange rates and 2 entries for Dec 2011 and Jan 2012
OR
10 entries - For 9 months of foreign salary with corresponding exchange rates and 1 entry for Dec 2011-Jan 2012 since there is no exchange rate for this 2 month period

Case 2:: (Feb - Oct 2011 consolidated salary * Exchange rate on 31 Oct) + Dec 2011 + Jan 2012
If this is how it should be, then J5 of Section 3 in Tier 1 (General) Application Form should have
2 entries - 1 for 9 months of foreign salary with corresponding exchange rates and 1 entry for Dec 2011-Jan 2012

Looking forward to some advice.

Regards
Pavan

cherrypie
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Posts: 59
Joined: Thu Jan 12, 2012 7:17 pm
Location: England
South Africa

Post by cherrypie » Sun Feb 05, 2012 2:36 am

It is case 2. My earnings period claimed was December 1, 2010 to November 30, 2011. I added the earnings for the 12 months and multiplied by exchange rate on the November 30, 2011.

pavanbarnala
Newly Registered
Posts: 19
Joined: Tue Dec 06, 2011 11:40 pm
Location: London

Post by pavanbarnala » Sun Feb 05, 2012 2:43 am

Great!! Thanks a lot.

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