Gilt ladder calculator
Spread your money across gilts maturing each year and see what they return: coupons after tax, plus the capital gain as they're repaid at £100.
£100,000 across 10 gilts maturing 2027 to 2036 returns £9,677 in coupons after tax, plus £17,736 capital gain as the gilts are repaid at £100.
That's £27,413 in total on top of your money, about 4.56% a year after tax. Your money comes back as each gilt matures, so every year you can reinvest at the rates on offer then instead of being locked into today's.
What to buy
| Matures | Gilt | Nominal to buy | Price | Invested | Coupons after tax | Capital gain | Yield after tax |
|---|---|---|---|---|---|---|---|
| 7 Dec 2027 | Gilt maturing in 2027 | £9,999 | £372 | £36 | 3.48% | ||
| 22 Oct 2028 | Gilt maturing in 2028 | £9,999 | £267 | £634 | 4.31% | ||
| 22 Oct 2029 | Gilt maturing in 2029 | £9,999 | £231 | £1,244 | 4.61% | ||
| 22 Oct 2030 | Gilt maturing in 2030 | £10,000 | £141 | £1,936 | 4.74% | ||
| 31 Jul 2031 | Gilt maturing in 2031 | £10,000 | £119 | £2,436 | 4.79% | ||
| 31 Jan 2032 | Gilt maturing in 2032 | £10,000 | £519 | £2,289 | 4.80% | ||
| 31 Jul 2033 | Gilt maturing in 2033 | £10,000 | £628 | £3,235 | 4.96% | ||
| 31 Jul 2034 | Gilt maturing in 2034 | £10,000 | £2,803 | £662 | 4.33% | ||
| 31 Jul 2035 | Gilt maturing in 2035 | £10,000 | £652 | £4,846 | 5.15% | ||
| 31 Jul 2036 | Gilt maturing in 2036 | £9,999 | £3,945 | £418 | 4.39% |
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Year by year
| Year | Coupons after tax | Maturing, free to reinvest |
|---|---|---|
| 2026 | £294 | – |
| 2027 | £1,641 | £9,901 |
| 2028 | £1,304 | £10,558 |
| 2029 | £1,167 | £11,200 |
| 2030 | £1,088 | £11,916 |
| 2031 | £1,053 | £12,431 |
| 2032 | £979 | £12,268 |
| 2033 | £930 | £13,215 |
| 2034 | £837 | £10,585 |
| 2035 | £477 | £14,830 |
| 2036 | £403 | £10,333 |
Returns assume you hold each gilt until it's repaid. Coupons are taxed as income at the rate you choose; the capital gain to £100 is free of Capital Gains Tax. Returns from reinvesting aren't included, as they depend on future rates. Conventional gilts only. Prices as of 30 Sept 2026, 19:31. Not financial advice. How we calculate
How the ladder works
Your money is split evenly across one gilt maturing in each year you choose. As each gilt matures you get that slice back, so every year you can reinvest at whatever rates are on offer then, rather than locking everything into today's rate. Held to maturity, you aren't relying on selling anything when prices are down.
Returns are after tax at the rate you choose: coupons are taxed as income, and the gain to £100 on a gilt is free of Capital Gains Tax. Figures use today's prices, include accrued interest, and exclude dealing costs. Read more in how to build a gilt ladder and our methodology.
Questions
What is a gilt ladder?
Your money split across several gilts that mature in different years, one each year. Every year a slice comes back, which you can spend or reinvest at the rates on offer then. Held to maturity, each gilt pays known coupons and repays £100 per £100 nominal on a known date.
Why not put it all in one gilt?
Nobody knows where interest rates will go. With one gilt you're locked into today's rate until it matures: if rates rise, you're stuck with the lower one. A ladder frees part of your money every year, so you can reinvest at the new rates, and you're never forced to sell a gilt before it's repaid.
What does the ladder return?
Two things on top of your money. Coupons: the interest the gilts pay twice a year, after income tax at your rate (less any accrued interest you pay the seller when you buy). And the capital gain: gilts bought below £100 are repaid at £100, and that gain is free of Capital Gains Tax. A gilt bought above £100 makes a capital loss instead.
How does the calculator choose the gilts?
Your money is split evenly across the years. For each year it picks the gilt maturing that year that returns the most after your tax for each £1 invested, counting coupons and the capital gain.
Why does it often pick low-coupon gilts?
Coupons are taxed as income, but the gain from buying below £100 and being repaid £100 is tax-free. A low-coupon gilt bought below £100 pays most of its return as that tax-free gain, so for higher-rate taxpayers it usually returns more after tax.
Does it include what I earn by reinvesting?
No. It shows what today's gilts return up to their maturity. What you earn after reinvesting depends on the rates at the time, so we show when each slice becomes free instead.
Should I use the ISA/SIPP setting?
Choose ISA/SIPP if the gilts will be held in a stocks and shares ISA or a SIPP, where coupons aren't taxed. Otherwise choose your income tax band.
Gilt Calculator provides information, not financial advice. Figures are estimates based on today's prices; your capital is at risk if you sell before a gilt is repaid.