How T45's clean price, gross redemption yield and after-tax net yield have moved over time. A premium feature — sign in and subscribe to view the full history.
| Your income tax band | Net yield | Grossed-up* |
|---|---|---|
| No tax | 5.531% | — |
| Basic 20% | 4.703% | 5.88% |
| Higher 40% | 3.880% | 6.47% |
| Additional 45% | 3.675% | 6.68% |
*Grossed-up = the gross yield a fully-taxable savings account or bond would need to match this gilt's net yield, at that tax rate. Gilt coupons are taxed as income; the capital gain to par is exempt from CGT. Figures don't include your Personal Savings Allowance, so they're conservative. How we calculate this.
T45 is the UK Treasury gilt "3 1/2% Treasury Gilt 2045", paying a 3.5% annual coupon and redeeming at par (£100) on 22 January 2045 — about 18.6 years away. At its 8 Jun 2026 closing price of £76.66 the gross redemption yield is 5.531%. Trading below par, part of its return is a CGT-exempt capital gain to maturity (£2,334 per £10,000 nominal), so its net yield holds up better after tax than its coupon alone would suggest — a 45% taxpayer keeps 3.67% net.
Prices are indicative closing levels for 8 Jun 2026 and may be delayed — see the live gilt table for current figures at your tax rate. Information only, not financial advice.
Information only — not financial advice. Gilt prices are indicative from last available close (8 Jun 2026) and may be delayed. Verify before transacting. UK tax treatment may change.