We're pleased to introduce the Taxable Income report, a new addition to giltsyield.com that takes the guesswork out of declaring your gilt interest. Instead of trawling through contract notes and coupon statements, you now get a clear, tax-year-by-tax-year breakdown of your taxable income from gilts — calculated for you in seconds.
From Trades to Tax Return: One Clear Figure
UK gilts have a few quirks at tax time. Coupon payments are taxable as income, the Accrued Income Scheme means the interest you pay when buying and receive when selling has to be accounted for, and capital gains are exempt for individuals. Our new report applies all of this automatically across your portfolios and hands you the net figure to enter on your return.
Key Features
- Net taxable income at a glance: Coupons and accrued interest received, less accrued interest paid, summarised in three headline figures.
- Tax-year aware: Switch between UK tax years (6 April – 5 April) with a single click.
- Correct tax-year attribution: A buy or sell's accrued interest is attributed to the tax year of that security's next coupon date, not the trade's settlement date — so a purchase settled just before 5 April, whose next coupon falls after, is correctly carried into the following tax year. Coupons themselves are dated by their payment date.
- Accrued Income Scheme handled for you: Accrued interest paid on purchases is deducted; accrued interest received on sales is added.
- No cross-security netting: A loss on one gilt only ever offsets interest on that same gilt, never a different one — kept correct and visible in the breakdown by security.
- Capital gains excluded: Gilts are exempt from Capital Gains Tax for UK individuals, so capital is left out of the taxable total.
- Full audit trail, grouped by security: Expand any security to see exactly which trades and coupons produced its numbers — date, type, gross amount and taxable impact — or export the full flat event list as a CSV.
How It Works
- Open Holdings → Taxable Income from the menu.
- Select the tax year you want to report on.
- The tool gathers every coupon, purchase and sale across your portfolios for that year.
- It calculates the taxable impact of each event, attributes it to the right tax year, and totals everything into your net taxable income.
- Review the breakdown by security — expand any security to see its individual events — and use the headline figure for your tax return.
Holding Gilts in an ISA or SIPP?
Interest on gilts held in tax-sheltered accounts such as ISAs and SIPPs isn't taxable. The report works on whichever portfolios you choose, so simply create a portfolio group containing only your taxable accounts and select it at the top of the page — the figures will reflect just those holdings.
Get Started Today
Ready to take the stress out of declaring your gilt interest?
Click here to view your Taxable Income report
You will need to register, log in and have booked or imported your trades in order to use the report.
A Note on Accuracy
This feature is currently in beta and is provided for information only — it is not tax advice. While we've taken care to apply the rules correctly, you should always check the figures against your own contract notes and consult a qualified tax adviser before filing.
We're continually refining our tools based on your feedback. Give the Taxable Income report a try and let us know what you think by emailing us at admin@giltsyield.com!