Reading the income calendar

Income and ladders · 5 min read · GiltIQ

The income calendar groups every coupon and redemption falling due in a chosen window by month, totals the amounts for a nominal holding, and shows them gross or after a selected tax band.

What the calendar answers

The income calendar answers one question across the whole gilt market at once: what income lands, and when. It lists every coupon and every redemption falling due inside a rolling window, grouped by calendar month and then by payment date, with an amount column sized for a nominal holding. Every date it shows is measured from the report date the page is built from, so a figure there is a snapshot as of that date rather than a live quote.

It is the market-wide companion to the single-gilt view. Where a gilt's own page shows that one gilt's next coupon, the calendar shows every gilt's payments side by side, which is what lets a reader see when income clusters and when a month is quiet.

Choosing the window and the filters

The page is driven by a small set of controls, all carried in the address so a view can be bookmarked or shared. The window sets how far forward the calendar looks, counted in days from the report date.

Gross and after a chosen tax band

By default the amount column is gross. When a tax band is chosen the page adds a net column that taxes the coupon at that rate and leaves the redemption alone. A coupon is income, so a band touches it; a redemption is the return of capital at maturity, so a band never touches it. The net income figure is the coupon after the band's rate, before any savings allowance is applied.

Selected bandCoupon per £100Net after the bandRedemption affected?
Gross (none)£4.00£4.00No
20 per cent£4.00£3.20No
40 per cent£4.00£2.40No
45 per cent£4.00£2.20No

The gross figure is illustrative — a notional 4.00 per cent coupon, not a quote from any gilt. The rates are the UK savings-income rates for the 2025/26 tax year as published by GOV.UK and HMRC, and the net figure the page shows is the coupon after that rate, not after the personal savings allowance. A reader who has not selected a band sees the gross column only.

Reading a row, the totals and the strip

Rows are grouped by calendar month and, inside a month, by payment date. On a date where a gilt both pays a final coupon and redeems, it appears twice — once as a coupon row and once as a redemption row — so a tax band is never applied to the returned capital. Within a date group, redemptions sort first, then by the gilt's maturity and its coupon rate. A strip above the table names the next payment and links each month in the window to its anchor, so a reader can jump rather than scroll. The same view can be downloaded as a CSV that describes exactly the window, filters and band on screen.

A short worked reading

The table below is an illustrative window for a £1,000 nominal holding, set to show both event types and two months. The gilts and amounts are illustrative and not a quote from any gilt in issue; the point is how a row is read, not the figures.

Payment dateGiltEventAmount for £1,000 nominal
12 January4.00 per cent, maturing 2029Coupon£20.00
12 January4.00 per cent, maturing 2029Redemption£1,000.00
3 February2.50 per cent, maturing 2031Coupon£12.50

The January gilt both pays a final coupon and redeems on the same date, so it is two rows: a £20.00 coupon and a £1,000.00 redemption. The February coupon is a single £12.50 row. Select a 20 per cent band and the two coupon figures fall to £16.00 and £10.00; the £1,000.00 redemption is unchanged, because it is capital and not income.

Empty states and gilts the report could not price

A window with no coupon shows an explicit empty state rather than a blank table, and offers a wider window instead of a dead end. If the report the page is built from could not price some gilts, the page still renders and a caption names how many it excluded, so the count is disclosed rather than dropped quietly. For an index-linked gilt the amount is marked as an income estimate — the real coupon scaled by the published index ratio, with no further inflation assumed — rather than as a contractual amount.

Where the figures come from

The coupon dates are read from the same per-gilt schedule rendered on a gilt's own page, opened from the conventional gilts list, so the two agree by construction, and the amounts are scaled from each gilt's income per £100 by the nominal the page is set to. Book the holdings you actually own in your portfolio to see the calendar sized for them, and note that the page covers the gilts the report could price — it does not show ex-dividend dates. This page explains how the calendar works; it is general information about the site rather than investment, tax or legal advice for any reader's circumstances.

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