UK Gilt Ladder Calculator

Build an illustrative retirement ladder using conventional UK gilts available in the existing gilt table. The calculator assumes every gilt is bought now, held to redemption, and its coupons and principal are used rather than reinvested.

How the ladder is selected

The calculator looks for a gilt maturing in each target calendar year and chooses the one with the highest estimated annualised return after coupon tax for your selected band. If a target year has no priced conventional gilt, the preceding rung is enlarged and split across those spending years, covering up to 3 consecutive years when needed. Choose even returns to rebalance holdings so after-tax coupons and maturity proceeds stay flat or rise with an optional annual increase. When you are signed in you can also use even investment to split the starting pot evenly across the selected gilts, or maximum returns to weight the pot by the total after-tax return each gilt earns per pound invested. For maximum returns you also choose an even-split floor of 35%, 50%, or 75%: that share is split evenly across every rung first so each year still receives some cash, then the remainder is weighted toward the longer, higher-returning gilts. A higher floor flattens annual cash; a lower floor usually raises total return and the final year. With even investment you can also opt to avoid end-loaded cash and finish up to 3 years earlier. Maximum returns tests the same shorter ladders but only finishes early when that returns more overall. When you are signed in you can also pre-fund weaker rungs: if the next gilt has a lower after-tax annualised return, that year's money is put into the earlier gilt instead so cash comes back early. The calculator then shows both the annual-rung ladder and this pre-funded version. Years brought forward adds how far each skipped year is pulled: if 2028 is funded one year early and 2029 two years early, the total is 3. Brought-forward cash is not assumed to be reinvested — after a doubled year you could spend that year's share and buy a one-year gilt with the rest at the rates then available, which can also cut coupon tax by skipping a later high-coupon gilt.

Tax and annual returns

Coupon income from every selected gilt is combined by UK tax year before applying the Personal Savings Allowance and the selected income tax rate. Redemption proceeds are shown separately because gains on UK gilts are generally exempt from Capital Gains Tax. The annual view shows coupons, estimated tax, gilts completing, and cash redeemed each year, and the cashflow graph shows the same figures as coloured columns with coupon tax below the zero line. A separate running-total graph starts at the gilt spend and rises as after-tax coupons and matured principal come back.

Where the data comes from

The gilt list comes from the Debt Management Office Gilts in Issue report , with clean market prices refreshed from a public gilt price table. You can inspect any selected holding in the UK Gilts Calculator.