UK gilt table — net yield after tax by tax band

What the “Net Yield” column means. The headline Gross Yield is before tax. Net Yield is what you actually keep after income tax at the band you select above — because a gilt's coupon is taxed as income, but its capital gain to maturity (the pull from today's price up to £100 at redemption) is exempt from capital gains tax. That's why a low‑coupon gilt trading below par can leave a higher‑ or additional‑rate taxpayer with far more than its gross yield suggests. Compare the Gross and Net columns to see the difference your tax rate makes. Net yields tax the coupon in full, so they're conservative — your Personal Savings Allowance may lift the real figure on smaller holdings. The Savings Equiv column shows what a cash savings account would need to pay (gross, before tax) to match each gilt's after-tax return: it's simply the net yield divided by (1 − your tax rate). A 40% taxpayer looking at a gilt yielding 4.0% net would need a savings account paying 6.67% gross to compete — often well above current cash rates, which is why gilts can be especially attractive for higher- and additional-rate taxpayers. ×

Gilt detail

Index-linked gilts — Real yield is before inflation. Nom. Yield* adds an assumed RPI of 3.5% for comparison with conventional gilts. The inflation uplift on principal is CGT-free. Coupon income is taxable at your income tax rate. Prices shown are clean prices (before inflation adjustment).

Bank Rate 3.75% · Avg savings 3.20% (Apr 2026) · Source: Bank of England

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