How TN28'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 | Savings equiv* |
|---|---|---|
| No tax | 4.255% | — |
| Basic 20% | 4.228% | 5.28% |
| Higher 40% | 4.202% | 7.00% |
| Additional 45% | 4.195% | 7.63% |
*Savings Rate Equivalent = 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.
TN28 is the UK Treasury gilt "0 1/8% Treasury Gilt 2028", paying a 0.125% annual coupon and redeeming at par (£100) on 31 January 2028 — about 1.4 years away. At its 11 Sep 2026 closing price of £94.53 the gross redemption yield is 4.255%. Because the coupon is low and the price is well below par, most of the return comes as the tax-free pull to par (a £547 capital gain per £10,000 nominal, exempt from CGT) rather than as taxable coupon income. That makes it unusually efficient for higher- and additional-rate taxpayers: an additional-rate (45%) payer keeps a net yield of 4.20% — to match that after tax, a fully-taxable savings account or bond would need to pay about 7.63% gross. That is how gilts are taxed in practice: gilt coupons are taxed as income, while the capital gain is free of capital gains tax on any disposal — at redemption or an earlier sale — though interest accrued since the last coupon is taxed as income when you sell.
Prices are indicative closing levels for 11 Sep 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 (11 Sep 2026) and may be delayed. Verify before transacting. UK tax treatment may change.