Taxable income

Each security's row shows its money as three figures: Income received, Accrued paid — shown as the negative outlay, the money spent on a purchase, the same figure the all-tax-years table shows positive as the deductible — and Net = Income received − Accrued paid.

The accordion expands the events behind them: each booked buy or sell with its traded money and accrued adjustment (a purchase's accrued shows as a negative taxable impact, the deductible), and each coupon received while the gilt was held, dated in full. View opens the booked trade that produced the row.

A gilt is marked Pending when a coupon for the tax year is fixed but not yet paid at the report date; the amount is already in the totals as normal. A trade is marked Carried in when its accrued flow is attributed to the security's next coupon date rather than its settlement date, which carries a purchase settled just before 5 April into the following tax year.

A gilt whose net is negative is flagged Unrelieved loss: each security's loss is relieved only against its own coupon income, never against a different gilt.

Estimated tax due is the net taxable income above multiplied by the portfolio's effective income-tax rate — its own override, else the profile default.

This sums coupon payments plus the accrued interest received on sales, and deducts the accrued interest paid on purchases, under the UK Accrued Income Scheme. Capital gains on gilts are excluded — they are CGT-exempt for individuals. Two rules that are easy to get wrong:

• Timing. A trade's accrued interest belongs to the tax year of that security's next coupon date, not the settlement date — so a purchase settled just before 5 April, with its next coupon after it, is carried into the following year.
• No cross-security netting. A loss on one gilt only ever offsets interest on that same gilt, never a different one — which is why the breakdown is by security.