Bank of England daily
HMRC COP/GBP Monthly Average Rate · December 2022
COP units per £1 · Peso · Colombia
Source · HMRC
Using this rate for a CGT calculation?
TealFX compares HMRC and BoE rates automatically — and identifies the most favourable compliant rate.
What is the HMRC monthly average rate?
HMRC publishes official monthly average exchange rates for use in UK tax calculations. For December 2022, the COP/GBP rate is 5885.5381 — meaning £1 sterling buys 5885.5381 Peso.
These rates are published on the penultimate Thursday of each month and apply to the following month. They are the standard reference for HMRC-compliant tax reporting, including capital gains tax on the disposal of foreign assets.
To convert a COP amount to GBP using this rate: divide the COP amount by 5885.5381.
Using this rate for capital gains tax
If you acquired or disposed of a foreign asset in December 2022, this HMRC monthly average rate is one of two acceptable rate sources for your capital gains tax calculation.
The other is the Bank of England daily spot rate on the transaction date. HMRC permits either — but you must apply the same source consistently across acquisition and disposal within a single asset calculation.
The choice of rate source can make a meaningful difference to your CGT liability. We calculate both automatically and show the sterling gain under each.
Step-by-step: COP to GBP CGT calculation using the December 2022 rate
Convert acquisition cost
Take your original purchase price in COP. Divide by the HMRC rate for the month of acquisition to get the sterling cost.
Convert disposal proceeds
Take your sale price in COP. Divide by the HMRC rate for the month of disposal — which may be this rate if you sold in December 2022.
Calculate the gain
Subtract the sterling acquisition cost from the sterling disposal proceeds. The difference is your capital gain in GBP — reportable to HMRC.
Note on rate consistency: HMRC requires you to use the same rate source (monthly average or daily spot) for both acquisition and disposal within a single calculation. You cannot mix sources. We enforce this automatically and show the result under both sources side by side.
Other HMRC rates for December 2022
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Use this rate in your CGT calculation
Enter your disposal details and TealFX applies the December 2022 COP rate automatically — then compares it against the Bank of England spot rate so you can use the most favourable compliant figure.
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Frequently asked questions
What was the COP exchange rate in December 2022?
The HMRC official monthly average exchange rate for Peso (COP) in December 2022 was 5885.5381 COP per £1 GBP. To convert a COP amount to sterling, divide by 5885.5381. For example, COP 100,000 ÷ 5885.5381 = £17.
What exchange rate do I use to report foreign income or capital gains to HMRC?
HMRC allows two approved rate sources: the HMRC monthly average exchange rate or the Bank of England daily spot rate (the 4pm fixing on the transaction date). Both are valid. For capital gains tax, using the more favourable rate can make a significant difference on large disposals. TealFX calculates your gain under both rates automatically.
Can I use the December 2022 HMRC monthly average rate for capital gains tax?
Yes. HMRC accepts the monthly average exchange rate as a valid method for converting foreign currency amounts to sterling for CGT purposes. You may use either the monthly average rate or the Bank of England daily spot rate — but must apply one source consistently across acquisition and disposal.
Where does HMRC publish official exchange rates?
HMRC publishes official monthly average exchange rates at trade-tariff.service.gov.uk. Rates are published on the penultimate Thursday of the prior month. TealFX imports these rates directly, so the figures on this page match HMRC's published data.