As an art market participant, you are required to complete due diligence checks on any cumulative transactions (including VAT and additional fees) that meet or exceed the threshold of 10,000 EUR. As the currency conversion between EUR and GBP fluctuates over time, we have created this guide to the equivalent threshold in GBP since January of 2020.
This guide may be useful to compare to your transaction records as a supervised business and in the case of any intervention from HMRC.
The official rate to determine if the value of your transaction (including directly associated costs such as VAT and the total from ‘linked transactions’) totals €10,000 and thus triggers the requirement to conduct AML checks under the Money Laundering Regulations 2017 is the HMRC monthly exchange rates published on gov.uk:
2024 HMRC currency exchange monthly rates – GOV.UK (trade-tariff.service.gov.uk)
Currency Conversions in 2020
| Month (2020) | Conversion (10k EUR in GBP) |
| January | £8,512.08 |
| February | £8,428.86 |
| March | £8,333.33 |
| April | £9,209.79 |
| May | £8,783.48 |
| June | £8,958.96 |
| July | £8,949.34 |
| August | £9,105.80 |
| September | £9,026.90 |
| October | £9,146.62 |
| November | £9,021.19 |
| December | £8,926.97 |
Currency Conversions in 2021
| Month (2021) | Conversion (10k EUR in GBP) |
| January | £9,029.34 |
| February | £8,880.20 |
| March | £8,637.81 |
| April | £8,622.17 |
| May | £8,635.58 |
| June | £8,635.58 |
| July | £8,635.58 |
| August | £8,620.69 |
| September | £8,512.82 |
| October | £8,598.46 |
| November | £8,430.98 |
| December | £8,398.42 |
Currency Conversions in 2022
|
Month (2022) |
Conversion (10k EUR in GBP) |
|
January |
£8,514.26 |
|
February |
£8,324.32 |
|
March |
£8,368.90 |
|
April |
£8,327.08 |
|
May |
£8,327.78 |
|
June |
£8,448.08 |
|
July |
£8,608.81 |
|
August |
£8,512.81 |
|
September |
£8,453.08 |
|
October |
£8,717.63 |
|
November |
£8,695.65 |
|
December |
£8,598.45 |
Currency Conversions in 2023
| Month (2023) | Conversion (10k EUR in GBP) |
| January | £8,582.21 |
| February | £8,740.49 |
| March | £8,895.21 |
| April | £8,823.01 |
| May | £8,802.04 |
| June | £8,703.98 |
| July | £8,604.37 |
| August | £8,684.32 |
| September | £8,559.45 |
| October | £8,654.26 |
| November | £8,664.76 |
| December | £8,695.65 |
Currency Conversions in 2024
| Month (2024) | Conversion (10k EUR in GBP) |
| January | £8,645.28 |
| February | £8,572.65 |
| March | £8,560.18 |
| April | £8,541.90 |
| May | £- |
| June | £- |
| July | £- |
| August | £- |
| September | £- |
| October | £- |
| November | £- |
| December | £- |
Conversion Calculation Guide
These charts will be updated regularly as the exchange rate becomes available from HMRC. If you would like to calculate the conversion yourself, here is a guide:
To get the triggering value:
> The current month should be listed at the top of the list under ‘monthly exchange rates’.
> Click ‘view online’ next to that month listing.
> Looking at the left column, ‘Country/Territories’, scroll down to ‘Eurozone’ (noting that the list is in alphabetical order).
> See the rate listed (in the column ‘Currency units per £1).
> Divide €10,000 by that number to get the current conversion into £ GBP.
To work out the conversion to € EUR for a transaction in £GBP:
> On the gov.uk currency conversion page, the current month is listed at the top of the list under ‘monthly exchange rates’.
> Click ‘view online’ next to that month listing.
> Looking at the left column, ‘Country/Territories’, scroll down to ‘Eurozone’ (noting that the list is in alphabetical order).
> See the rate listed.
> Multiply that number by the amount in £ GBP to determine the value in € Euros.