How TR38's clean price, gross redemption yield and after-tax net yield have moved over time — up to 5 years, free. Comparing it with other gilts is part of Premium.
⇄ Compare TR38 with other gilts in Charts ★ Premium| Your income tax band | Net yield | Savings equiv* |
|---|---|---|
| No tax | 5.471% | — |
| Basic 20% | 4.385% | 5.62% |
| Higher 40% | 3.397% | 5.85% |
| Additional 45% | 3.151% | 5.94% |
*Savings Rate Equivalent = the gross yield a fully-taxable savings account or bond would need to match this gilt's net yield, at that tax rate. Gilt coupons are taxed as income — at the rate in force when each is paid, which rises by 2 percentage points (to 22/42/47%) from 6 April 2027; the capital gain to par is exempt from CGT. Figures don't include your Personal Savings Allowance, so they're conservative. How we calculate this.
TR38 is the UK Treasury gilt "4 3/4% Treasury Stock 2038", paying a 4.75% annual coupon and redeeming at par (£100) on 7 December 2038 — about 12.1 years away. At its 26 Oct 2026 closing price of £93.67 the gross redemption yield is 5.471%. Trading below par, part of its return is a CGT-exempt capital gain to maturity (£633 per £10,000 nominal), so its net yield holds up better after tax than its coupon alone would suggest — a 45% taxpayer keeps 3.15% net. That is how UK gilts are taxed in practice: gilt coupons are taxed as income, while the capital gain is free of capital gains tax on any disposal — at redemption or an earlier sale — though interest accrued since the last coupon is taxed as income when you sell.
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.