Compare UK gilts by income and return.
Compare market prices, coupon income and the estimated return to redemption. Change the investment and tax assumptions to test different outcomes.
- Price
- Compare the clean price with the dirty price. The dirty price includes estimated accrued interest.
- Income
- Review the coupon income and running yield for each gilt.
- Redemption
- Compare the gross yield to maturity with the estimated price change to £100 at redemption.
Conventional gilts
Frontier charts
Two views of the filtered universe: running yield against capital-gain YTM, then annual coupon income against tax-equivalent YTM. The line joins the gilts that are not beaten on both measures.
Income and capital-gain frontier
Each point is a gilt in the current results. The line joins the gilts that no other gilt beats on both running yield and capital-gain YTM. Capital-gain YTM is the yearly return from buying below £100, so both axes are annual percentages and a long maturity does not by itself lift a gilt. This is a yield comparison, not a risk-adjusted frontier.
Capital-gain YTM (%)
Tax-aware yield and income frontier
Each point is a gilt in the current results. This frontier prefers a higher tax-equivalent YTM and a lower annual coupon income for your investment, so it reads the opposite way to the chart above. Tax-equivalent YTM uses the investment size, savings tax band and rate, and remaining PSA in Settings. It assumes the capital return is tax-free, as it is for gilts.
Tax-equivalent YTM (%)
The gilt curve
Three views of the same market by years to redemption: the gross yields on individual conventional gilts, the Bank of England par yield curve, and the implied RPI inflation curve with individual index-linked gilts plotted against it. Each point is a market price for government credit at a different maturity.
Yield curve
Each point is a conventional gilt in the latest snapshot. The line joins gross redemption yields by years to redemption. The curve is a market snapshot, not a forecast.
Gross YTM (%)
Yield and par yield
The line is the Bank of England's nominal par yield curve. A par gilt pays a coupon equal to its yield, so the line shows the coupon a new gilt would need at each maturity. The points are the gross redemption yields in the latest snapshot. A gap between a point and the line means the gilt trades away from par.
Yield (%)
Implied RPI
This is the Bank of England's implied inflation spot curve: the RPI growth implied by the gap between conventional and index-linked gilt yields. The points are individual index-linked gilts at their breakeven inflation, the nominal par yield at the same maturity less the gilt's real yield. A point above the line means the linker prices more RPI than the curve. The calculation is approximate: it ignores the indexation lag and any inflation risk premium.
Implied RPI (% a year)
How to read these figures
Each figure in the table has a specific job. These notes explain what is counted, what is assumed, and what is left out.
- Prices and settlement
- Prices are per £100 nominal. The clean price excludes accrued coupon, and the dirty price adds accrued interest. Settlement follows your Settings choice: T+1 by default, or T+0, T+2 or T+3. The price source does not date its quotes, so the DMO snapshot sets the valuation date.
- Yield figures
- Running yield measures coupon income against the clean price. Capital YTM is the rest of the gross YTM, so it shows how much of the annual return comes from buying below £100. Gross YTM is the total annual return if you hold the gilt to £100, with each coupon reinvested at the same yield. Use gross YTM to compare total return, and running yield to compare income.
- Tax-equivalent YTM
- This estimates the gross taxable savings yield that matches a gilt's annual return after tax on coupon income. It uses the selected tax rate, the investment size and the remaining Personal Savings Allowance. It assumes the capital return is tax-free, as it is for gilts. Use it to compare yields, not to work out your own tax.
- Coupon timing
- Coupon dates and the seven-business-day ex-dividend period are inferred from the redemption date. These rules simplify market practice, so use the figures for comparison.
- Tax and income assumptions
- Income and tax figures hold one gilt for a full year. Coupon amounts are annualised, so they are not a forecast of the cash you receive this tax year. Position estimates use the dirty price, so they include accrued interest, and remaining PSA subtracts the other savings income you enter. The model leaves out the starting rate for savings, unused Personal Allowance, dealing costs and your other positions. The +4 percentage-point option models the new rate that is coming soon. It is not a forecast of tax law.
- Frontier charts
- Both charts plot every gilt in the current results. The first compares running yield with capital-gain YTM, and the second compares annual coupon income with tax-equivalent YTM. The line joins the gilts that no other gilt beats on both axes. Search and favourites narrow the points.
These figures support comparison. They do not calculate personal tax or recommend an investment.
Glossary
The vocabulary behind the table, then one gilt worked from clean price to net income.
One gilt, worked through
You invest £19,240 in £20,000 nominal of a 4% gilt. The clean price is £95 and accrued interest is £1.20 per £100, so the dirty price is £96.20. Assume the quoted gross YTM is 5.2% and you have £500 of your Personal Savings Allowance left.
- Coupon
- £800 a year4% of £20,000
- Running yield
- 4.21%£4 ÷ £95
- Capital to par
- 5.26% in total£5 ÷ £95, not a year
- Gross YTM
- 5.2% a yearIf held to redemption
- Capital YTM
- 0.99 pp a year5.2% − 4.21%
- Mod. duration
- About 6.6%Price fall for a 1 pp yield rise
- Income / yr
- £800Before tax
- Tax / yr
- £60£300 taxed at 20%
- Net income / yr
- £740£800 − £60
- Max under PSA
- £12,025£500 × £96.20 ÷ £4
Gilt market terms
- Gilt
- A bond issued by the UK government. You lend it money, and it pays you interest and repays the loan on a set date.
- Conventional gilt
- A gilt with a fixed coupon and a fixed redemption date. Its payments do not change with inflation. This table covers conventional gilts only.
- Nominal and par
- Nominal is the face value of a gilt. Par is £100 of nominal, the amount the government repays at redemption. Coupons and redemption are paid on nominal, and prices are quoted per £100 nominal.
- Coupon
- The fixed annual interest rate, as a percentage of nominal. A 4% gilt pays £4 a year for each £100 nominal, usually in two instalments. The coupon does not change when the price changes.
- Clean price
- The quoted price per £100 nominal, before accrued interest. Dealers quote gilts on this basis.
- Accrued interest
- Coupon earned since the last payment date. The buyer pays it to the seller, so the dirty price includes it. It can be negative in the ex-dividend period.
- Dirty price
- The clean price plus accrued interest. It is the cash you pay per £100 nominal, and the income and tax estimates use it.
- Redemption date
- The date the government repays nominal at par and the gilt stops paying coupons. The table shows it as the Redeems column.
- Settlement date
- The date a trade completes and cash changes hands. Settlement follows your Settings choice: T+1 by default, or T+0, T+2 or T+3. Accrued interest, the dirty price and modified duration use that basis.
- ISIN
- A 12-character code that identifies the gilt internationally. Use it to check that a broker quote is for the gilt you want.
- DMO
- The UK Debt Management Office. It issues gilts and publishes the reference data behind the redemption dates in this table.
- Personal Savings Allowance (PSA)
- The amount of savings interest you can earn tax-free in a tax year. It depends on your income tax band, and gilt coupons count as savings interest.
- Percentage point
- The unit for a change in a yield. A move from 4% to 5% is one percentage point, not one percent. The table writes this as 1 pp or 1pp.
- Ex-dividend period
- The days before a coupon date when the buyer does not receive the next coupon. The seller keeps it, which is why accrued interest can be negative then.
Column terms
- PSA
- Shows whether the estimated annual coupon fits inside your remaining PSA. The estimate uses the investment and savings income in Settings.
- Term
- Time to redemption in whole calendar months. The badge marks gilts that mature inside the window you select.
- Top income, Top gain
- Marks gilts in the selected top percentile for running yield or for capital to par. These badges help you shortlist gilts; they are not recommendations.
- Running yield
- Coupon income as a percentage of the clean price. It measures income only, so it ignores accrued interest and any gain to par.
- Capital YTM
- The part of gross YTM that does not come from running yield, in percentage points a year. It is positive when the price is below par and negative when the price is above par.
- Gross YTM
- The total annual return if you buy at this price and hold to redemption. It assumes each coupon is reinvested at the same yield, and it does not deduct tax.
- Tax-equivalent YTM
- The gross savings yield that would leave the same return after tax, given your tax rate and remaining PSA. Use it to compare a gilt with a savings account.
- Mod. duration
- The dirty price change for a one percentage point move in gross YTM, shown as a percentage. A value of 8% means a 1 pp rise in yield would cut the price by about 8%. It is a close estimate for small moves.
- Capital to par
- The change from the clean price to £100, as a percentage of the clean price. It builds over the whole term, so it is a total, not an annual rate.
- Income / yr, Tax / yr, Net income / yr
- The estimated annual coupon for your investment, the tax above your remaining PSA, and the difference. They are run rates for a full year, not the cash you receive in this tax year.
- Max under PSA
- The largest investment whose annual coupon stays inside your remaining PSA. It holds yields constant and covers a full year, so it is not a limit for this tax year.
- Redeems
- The redemption date, shown as month and year. A badge appears when the gilt matures inside your selected window.
Common questions
Short answers to the questions the table and charts raise most often.
- What is a UK gilt?
- A UK gilt is a bond issued by the UK government. You lend the government money, it pays a fixed coupon, and it repays the nominal value at redemption. This site covers conventional gilts, whose coupons do not change with inflation.
- How does GILTS compare gilts?
- Use running yield to compare income and gross YTM to compare total annual return if you hold to redemption. Capital to par shows the one-off gain or loss to £100, and tax-equivalent YTM compares a gilt with a taxable savings account.
- What is the difference between clean and dirty price?
- The clean price is the quoted price before accrued interest. The dirty price adds the coupon earned since the last payment, so it is the cash you pay per £100 nominal.
- Are gilt coupons taxed?
- UK gilt coupons count as savings interest. Your Personal Savings Allowance may cover some or all of them. The estimates here use the tax band, position size and other savings income you enter; they are illustrative, not tax advice.
- What do the frontier charts show?
- The first plots running yield against capital-gain YTM. The second plots annual coupon income against tax-equivalent YTM. The line joins gilts that are not beaten on both measures. Search and favourites narrow the points.
- Does GILTS give financial advice?
- No. GILTS compares published prices and estimated metrics. It is not a quote, a recommendation or tax advice. Check a price with your broker before you trade.
Sources and further reading
Where the data comes from, and where to read more about gilts and savings tax.