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Guaranteed Investment Certificates

samuelkfp2000
Posted Wed, 10 Jan 2024 09:41:38 GMT by samuelkfp2000
Hi, I have bought 1-year Guaranteed Investment Certificates (GIC) in CAD in HSBC Canada bank. It was guaranteed fixed interest rate product. It was redeemable so that I redeemed the GIC before maturity and got some gain. The gain was calculated as the principle amount x interest rate x number of days kept. Should I report these gain as foreign saving interest or foreign capital gain or something else?
HMRC Admin 21 Response
Posted Tue, 16 Jan 2024 11:54:21 GMT by HMRC Admin 21 Response
Hi samuelkfp2000,
This would be interest.
Thank you.

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