2 gilts repay in 2045. Bought and held to the end, a gilt pays its coupons and then returns £100 per £100 of face value on the repayment date — so if you need your money back in 2045, these are the gilts that give it to you, ranked by what you keep after tax. Prices as of the 4 Nov 2026 close (indicative).
| Gilt | Repays | Coupon | Price | Gross | Net at 20% | Net at 40% | Net at 45% | Savings rate to match (40%) |
|---|---|---|---|---|---|---|---|---|
| T45 3 1/2% Treasury Gilt 2045 | 22 Jan 2045 | 3.5% | £76.59 | 5.56% | 4.65% | 3.83% | 3.62% | 6.59% |
| Gilt | Repays | Real coupon | Real yield | Net real at 40% | Break-even inflation |
|---|---|---|---|---|---|
| TR45 0⅝% Index-linked Treasury Gilt 2045 | 22 Mar 2045 | 0.625% | 2.37% | 2.01% | 3.20% |
Real yields are returns above RPI inflation; the net figure taxes the inflation-uplifted coupon at 40% (42% from April 2027).
The coupons are taxed as income at your rate (2 points more from 6 April 2027), but the rise in price to £100 at repayment is free of capital gains tax. That is why a low-coupon gilt bought below £100 usually keeps more after tax than a high-coupon one with a similar headline yield — how gilts are taxed explains it in full. Held in an ISA or SIPP there is no tax, so the gross yield is what you keep.
Need the money by a particular month? Gilts in the same year can repay up to eleven months apart, and one repaying a little earlier or later may keep more. Rank every gilt by what it returns by the end of 2045 — including reinvesting an early one at savings rates.
Net yields assume no unused Personal Savings Allowance, the gilt held to repayment and the first coupon taxed under the Accrued Income Scheme. Indicative closing prices; the live gilt table has current figures at your tax rate. Information only, not financial advice.
Information only — not financial advice. Gilt prices are indicative from last available close (4 Nov 2026) and may be delayed. Verify before transacting. UK tax treatment may change.