Free UK gilt calculator

Short-dated gilts: what they pay, and what they beat

See what each gilt pays if you hold it to the end, how much of that is tax-free, and the savings rate you would need to match it in your tax band.

Your tax band

Tax rates

Tax on savings interest: 40% for your band.

20 gilts maturing in the next 5 years · estimated from the Bank of England yield curve for 22 October 2026

0¼% Treasury Gilt 2031

TG31

Matures 31 Jul 2031 · in 4 yr 9 mo · est. price £80.16 · pays 0.25% interest

Before tax

5.03%

After tax

4.92%

Savings rate to match

8.19%

Put in £10,000, get back £12,622 by Jul 2031:

Interest · income, taxed
£149tax £59
Gain · price rising to £100, free of capital gains tax
£2,473tax £0
Total gain
£2,622£2,563 after tax

0 3/8% Treasury Gilt 2030

TG30

Matures 22 Oct 2030 · in 4 yrs · est. price £83.68 · pays 0.375% interest

Before tax

4.98%

After tax

4.81%

Savings rate to match

8.01%

Put in £10,000, get back £12,129 by Oct 2030:

Interest · income, taxed
£179tax £72
Gain · price rising to £100, free of capital gains tax
£1,950tax £0
Total gain
£2,129£2,057 after tax

0½% Treasury Gilt 2029

TG29

Matures 31 Jan 2029 · in 2 yr 3 mo · est. price £90.89 · pays 0.5% interest

Before tax

4.82%

After tax

4.61%

Savings rate to match

7.68%

Put in £10,000, get back £11,126 by Jan 2029:

Interest · income, taxed
£125tax £50
Gain · price rising to £100, free of capital gains tax
£1,001tax £0
Total gain
£1,126£1,076 after tax

0 1/8% Treasury Gilt 2028

TN28

Matures 31 Jan 2028 · in 1 yr 3 mo · est. price £94.57 · pays 0.125% interest

Before tax

4.61%

After tax

4.56%

Savings rate to match

7.59%

Put in £10,000, get back £10,591 by Jan 2028:

Interest · income, taxed
£17tax £7
Gain · price rising to £100, free of capital gains tax
£574tax £0
Total gain
£591£584 after tax

0 7/8% Treasury Gilt 2029

TR29

Matures 22 Oct 2029 · in 3 yrs · est. price £89.04 · pays 0.875% interest

Before tax

4.90%

After tax

4.52%

Savings rate to match

7.53%

Put in £10,000, get back £11,526 by Oct 2029:

Interest · income, taxed
£295tax £118
Gain · price rising to £100, free of capital gains tax
£1,231tax £0
Total gain
£1,526£1,408 after tax

1 5/8% Treasury Gilt 2028

TG28

Matures 22 Oct 2028 · in 2 yrs · est. price £94.15 · pays 1.625% interest

Before tax

4.78%

After tax

4.09%

Savings rate to match

6.82%

Put in £10,000, get back £10,967 by Oct 2028:

Interest · income, taxed
£345tax £138
Gain · price rising to £100, free of capital gains tax
£622tax £0
Total gain
£967£829 after tax

1¼% Treasury Gilt 2027

TG27

Matures 22 Jul 2027 · in 9 months · est. price £97.75 · pays 1.25% interest

Before tax

4.40%

After tax

3.88%

Savings rate to match

6.46%

Put in £10,000, get back £10,324 by Jul 2027:

Interest · income, taxed
£95tax £38
Gain · price rising to £100, free of capital gains tax
£229tax £0
Total gain
£324£286 after tax

4% Treasury Gilt 2031

T31

Matures 22 Oct 2031 · in 5 yrs · est. price £95.73 · pays 4% interest

Before tax

5.03%

After tax

3.36%

Savings rate to match

5.60%

Put in £10,000, get back £12,534 by Oct 2031:

Interest · income, taxed
£2,088tax £835
Gain · price rising to £100, free of capital gains tax
£446tax £0
Total gain
£2,534£1,699 after tax

4 1/8% Treasury Gilt 2031

T31H

Matures 7 Mar 2031 · in 4 yr 4 mo · est. price £96.86 · pays 4.125% interest

Before tax

4.99%

After tax

3.28%

Savings rate to match

5.46%

Put in £10,000, get back £12,175 by Mar 2031:

Interest · income, taxed
£1,852tax £741
Gain · price rising to £100, free of capital gains tax
£323tax £0
Total gain
£2,175£1,434 after tax

4% Treasury Gilt 2029

T29K

Matures 22 May 2029 · in 2 yr 7 mo · est. price £98.09 · pays 4% interest

Before tax

4.85%

After tax

3.20%

Savings rate to match

5.34%

Put in £10,000, get back £11,227 by May 2029:

Interest · income, taxed
£1,035tax £414
Gain · price rising to £100, free of capital gains tax
£192tax £0
Total gain
£1,227£813 after tax

4 1/8% Treasury Gilt 2029

TS29

Matures 22 Jul 2029 · in 2 yr 9 mo · est. price £98.24 · pays 4.125% interest

Before tax

4.87%

After tax

3.17%

Savings rate to match

5.28%

Put in £10,000, get back £11,318 by Jul 2029:

Interest · income, taxed
£1,141tax £457
Gain · price rising to £100, free of capital gains tax
£177tax £0
Total gain
£1,318£861 after tax

4 3/8% Treasury Gilt 2030

T30

Matures 7 Mar 2030 · in 3 yr 4 mo · est. price £98.49 · pays 4.375% interest

Before tax

4.92%

After tax

3.12%

Savings rate to match

5.20%

Put in £10,000, get back £11,642 by Mar 2030:

Interest · income, taxed
£1,490tax £596
Gain · price rising to £100, free of capital gains tax
£152tax £0
Total gain
£1,642£1,046 after tax

4 5/8% Treasury Gilt 2030

T30K

Matures 22 May 2030 · in 3 yr 7 mo · est. price £99.18 · pays 4.625% interest

Before tax

4.94%

After tax

3.04%

Savings rate to match

5.07%

Put in £10,000, get back £11,720 by May 2030:

Interest · income, taxed
£1,638tax £655
Gain · price rising to £100, free of capital gains tax
£82tax £0
Total gain
£1,720£1,065 after tax

4¾% Treasury Gilt 2030

TR30

Matures 7 Dec 2030 · in 4 yr 2 mo · est. price £99.38 · pays 4.75% interest

Before tax

4.97%

After tax

3.03%

Savings rate to match

5.05%

Put in £10,000, get back £11,998 by Dec 2030:

Interest · income, taxed
£1,936tax £774
Gain · price rising to £100, free of capital gains tax
£62tax £0
Total gain
£1,998£1,224 after tax

4½% Treasury Gilt 2028

TS28

Matures 7 Jun 2028 · in 1 yr 8 mo · est. price £99.76 · pays 4.5% interest

Before tax

4.70%

After tax

2.87%

Savings rate to match

4.78%

Put in £10,000, get back £10,744 by Jun 2028:

Interest · income, taxed
£720tax £288
Gain · price rising to £100, free of capital gains tax
£24tax £0
Total gain
£744£456 after tax

4 3/8% Treasury Gilt 2028

TE28

Matures 7 Mar 2028 · in 1 yr 4 mo · est. price £99.72 · pays 4.375% interest

Before tax

4.63%

After tax

2.85%

Savings rate to match

4.75%

Put in £10,000, get back £10,627 by Mar 2028:

Interest · income, taxed
£599tax £240
Gain · price rising to £100, free of capital gains tax
£28tax £0
Total gain
£627£387 after tax

4¼% Treasury Gilt 2027

TR27

Matures 7 Dec 2027 · in 1 yr 2 mo · est. price £99.72 · pays 4.25% interest

Before tax

4.55%

After tax

2.82%

Savings rate to match

4.70%

Put in £10,000, get back £10,499 by Dec 2027:

Interest · income, taxed
£471tax £188
Gain · price rising to £100, free of capital gains tax
£28tax £0
Total gain
£499£311 after tax

3¾% Treasury Gilt 2027

TS27

Matures 7 Mar 2027 · in 4 months · est. price £99.85 · pays 3.75% interest

Before tax

4.23%

After tax

2.69%

Savings rate to match

4.48%

Put in £10,000, get back £10,154 by Mar 2027:

Interest · income, taxed
£139tax £56
Gain · price rising to £100, free of capital gains tax
£15tax £0
Total gain
£154£98 after tax

4 1/8% Treasury Gilt 2027

T27A

Matures 29 Jan 2027 · in 3 months · est. price £99.97 · pays 4.125% interest

Before tax

4.21%

After tax

2.55%

Savings rate to match

4.25%

Put in £10,000, get back £10,112 by Jan 2027:

Interest · income, taxed
£109tax £44
Gain · price rising to £100, free of capital gains tax
£3tax £0
Total gain
£112£68 after tax

6% Treasury Stock 2028

TR28

Matures 7 Dec 2028 · in 2 yr 2 mo · est. price £102.50 · pays 6% interest

Before tax

4.79%

After tax

2.39%

Savings rate to match

3.99%

Put in £10,000, get back £10,977 by Dec 2028:

Interest · income, taxed
£1,216tax £486
Loss · priced above £100, so it falls back to £100 at the end (no tax relief on gilt losses)
−£239
Total gain
£977£491 after tax

Yields are yearly rates, like a savings account's AER, and assume you buy at the price shown (plus interest built up since the last payment) and hold to the end. The interest above any allowance you have left is taxed at the rate above; the price gain is free of capital gains tax. Holdings over £5,000 nominal fall under the Accrued Income Scheme, so the interest built up at purchase is taken off your first taxable payment. One tax rate is applied throughout. Prices are estimates, not quotes: your platform's price will differ a little. How we work these out

Why a gilt can beat a savings account

01

A gilt is a loan to the government

You lend the UK government money. It pays a fixed interest (the coupon) twice a year and gives back £100 for every £100 "nominal" when the gilt matures.

02

Some trade below £100

Gilts issued when rates were low pay very little interest, so they now sell for less than £100. Hold one to the end and you get the full £100 back.

03

That gain is tax-free

Gilts are free of capital gains tax. Only the interest is taxed, so a low-interest gilt pays most of its return as tax-free gain. For a taxpayer, that can beat a savings account paying more on paper.

How we work these out

The prices are estimates. Every working day the Bank of England publishes a yield curve: its estimate of what the government pays to borrow, for every length of time from a few months to decades, worked out from real gilt trading. A gilt is just a set of payments on known dates (interest every six months, then £100 at the end), so we value each payment using the curve's rate for its date and add them up. That gives the estimated price.

How close is that? When we checked against market prices, most yields came out within 0.1 percentage points, and the furthest was 0.3. The curve is smooth, so it slightly flatters the gilts that pay the least interest: buyers pay a little extra for those because of their tax advantage. The curve is also a day old, because the Bank publishes it by noon the next working day. Your platform's live price is the one that counts.

The yields are yearly rates, worked out the same way as a savings account's AER, from what you pay (including the interest built up since the last payment and any dealing fee) and every payment you get back if you hold to the end.

The tax. Gilt interest is taxed like savings interest; the gain from the price rising to £100 is free of capital gains tax. The “savings rate to match” is the rate a taxable savings account would need to pay to leave you with the same after tax. Any Personal Savings Allowance you have left covers the first slice of interest each tax year, for the gilt and for the savings account alike, so we apply it to both. If your holding is over £5,000 nominal, the Accrued Income Scheme applies: the interest built up when you bought is taken off your first taxable payment, and we allow for that.

Yield curve data: Bank of England. Contains public sector information licensed under the Open Government Licence v3.0. Gilt prices and yields on this page are our own estimates, not the Bank's.

Before you buy anything

  • Prices change every day. If you sell before the gilt matures, you could get back less than you paid.
  • The figures assume you hold to the end and the government pays in full, as it always has.
  • Your money is fixed until maturity. Inflation could outpace the return.
  • Dealing fees and the gap between buying and selling prices reduce what you make, especially on small sums.
  • If your savings interest is under your Personal Savings Allowance, a normal savings account is already tax-free, and most of the advantage disappears.
  • Inside an ISA or pension everything is tax-free anyway, so this trick only helps with money held outside them.
  • Tax rules can change.

Education, not financial advice. We list every gilt maturing in the next five years and do not recommend any of them. If you are unsure, speak to a regulated adviser.