Conventional gilt · Long-dated · TR43
UK Treasury 4.75% 2043 Gilt (TR43)
- Yield to maturity
- 5.84%
- After 20% tax
- 4.81%
- Clean price per £100
- £88.34
- Matures
- 22 Oct 2043
The UK Treasury 4.75% 2043 is a conventional gilt with a 4.75% coupon, maturing on 22 Oct 2043 — roughly 17.0 years from now. At the latest market price it is a long-dated (15+ years) holding currently trading below par (at a discount).
Based on a clean price of about £88.34 per £100 nominal, this gilt offers a running yield of 5.38% and a yield to maturity of 5.84%. The running yield reflects the income return from coupons alone, while the yield to maturity also accounts for the capital gain if you hold to redemption.
Because capital gains on gilts are exempt from UK Capital Gains Tax, a gilt priced below par can be particularly tax-efficient: the pull-to-par capital gain is tax-free, and only the coupon income is taxable. The worked example below shows returns before and after tax.
Worked example: £10,000 held to maturity
Assuming 20% income tax on coupons (gains on gilts are free of Capital Gains Tax).
| Units of £100 nominal | 113 |
|---|---|
| Amount invested | £9,970.69 |
| Coupon income (less accrued interest paid) | £9,136.48 |
| Capital gain or loss (tax-free) | £1,317.58 |
| Total profit before tax | £10,454.06 |
| Total profit after tax | £8,629.11 |
| Annualised return before tax | 4.30% |
| Annualised return after tax | 3.73% |
Similar gilts
Gilts of the same type maturing around the same time.
| Gilt | Matures | Yield to maturity |
|---|---|---|
| UK Treasury 3.25% 2044 | 22 Jan 2044 | 5.86% |
| UK Treasury 4.5% 2042 | 7 Dec 2042 | 5.78% |
| UK Treasury 3.5% 2045 | 22 Jan 2045 | 5.87% |
| UK Treasury 1.25% 2041 | 22 Oct 2041 | 5.73% |
Questions
What is the yield on the UK Treasury 4.75% 2043 gilt?
Based on the latest market price, the UK Treasury 4.75% 2043 has a yield to maturity of 5.84% and a running (income) yield of 5.38%. Yields move daily with the gilt's market price.
When does the UK Treasury 4.75% 2043 gilt mature?
This gilt matures on 22 Oct 2043, approximately 17.0 years from today. At maturity holders receive the £100 nominal value per unit.
Are returns on the UK Treasury 4.75% 2043 taxed?
Capital gains on UK gilts are exempt from Capital Gains Tax. Coupon income is taxable as income, though it can be sheltered within an ISA or SIPP. This page shows both gross and after-tax figures.
How much would a £10,000 investment in the UK Treasury 4.75% 2043 return?
A £10,000 investment would buy approximately 113 units and, held to maturity, is projected to return a total profit of about £10,454.06 (gross). See the worked example on this page for the full breakdown.