How TG48's clean price, real yield and after-tax net real yield have moved over time — up to 5 years, free. Comparing it with other gilts is part of Premium.
⇄ Compare TG48 with other gilts in Charts ★ Premium| Your income tax band | Net real yield | Savings equiv* |
|---|---|---|
| No tax | 2.455% | — |
| Basic 20% | 2.410% | — |
| Higher 40% | 2.369% | — |
| Additional 45% | 2.358% | — |
Real yields are returns above RPI inflation. The coupon (including its inflation uplift) is taxed as income — 2 percentage points more from 6 April 2027 (22/42/47%); the inflation uplift on the principal is free of CGT. Figures don't include your Personal Savings Allowance. How we calculate this.
TG48 is the UK index-linked gilt "0⅛% Index-linked Treasury Gilt 2048", maturing 10 August 2048. Both its coupon and its principal are uplifted by RPI inflation, so the quoted real yield of 2.455% is the return you earn on top of inflation. At its 26 Oct 2026 price of £60.87 (clean, before inflation adjustment) the market-implied break-even inflation is 3.30%: if RPI averages more than that until 2048, TG48 beats a conventional gilt of the same maturity; if less, the conventional gilt wins. The inflation uplift on the principal is free of capital gains tax; the (inflation-uplifted) coupon is taxable as income. That is index-linked gilt tax treatment in practice. Compare it with a conventional gilt. Note: UK index-linked gilts have no deflation floor — sustained deflation can reduce the redemption value below par.
Prices are indicative closing levels for 26 Oct 2026 and may be delayed — see the live gilt table for current figures at your tax rate. Information only, not financial advice.
Information only — not financial advice. Gilt prices are indicative from last available close (26 Oct 2026) and may be delayed. Verify before transacting. UK tax treatment may change.