How TR65's clean price, real yield and after-tax net real yield have moved over time — the last month free. Up to 5 years, and comparing it with other gilts, are part of Premium.
⇄ Compare TR65 with other gilts in Charts ★ Premium| Your income tax band | Net real yield | Savings equiv* |
|---|---|---|
| No tax | 2.083% | — |
| Basic 20% | 2.026% | — |
| Higher 40% | 1.974% | — |
| Additional 45% | 1.961% | — |
Real yields are returns above RPI inflation. The coupon (including its inflation uplift) is taxed as income — 2 percentage points more from 6 April 2027 (22/42/47%); the inflation uplift on the principal is free of CGT. Figures don't include your Personal Savings Allowance. How we calculate this.
TR65 is the UK index-linked gilt "0⅛% Index-linked Treasury Gilt 2065", maturing 22 November 2065. Both its coupon and its principal are uplifted by RPI inflation, so the quoted real yield of 2.083% is the return you earn on top of inflation. At its 9 Nov 2026 price of £47.86 (clean, before inflation adjustment) the market-implied break-even inflation is 3.32%: if RPI averages more than that until 2065, TR65 beats a conventional gilt of the same maturity; if less, the conventional gilt wins. The inflation uplift on the principal is free of capital gains tax; the (inflation-uplifted) coupon is taxable as income. That is index-linked gilt tax treatment in practice. Compare it with a conventional gilt. Note: UK index-linked gilts have no deflation floor — sustained deflation can reduce the redemption value below par.
Prices are indicative closing levels for 9 Nov 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 (9 Nov 2026) and may be delayed. Verify before transacting. UK tax treatment may change.