Cash flow analysis

Coupon and principal amounts are contractually fixed for conventional gilts. For index-linked gilts every flow is uplifted by the gilt's latest D10B index ratio with RPI held flat, so the figures are already the nominal cash you would receive if RPI stopped rising today.

The 3.0% assumption in the pagehead is what a forward projection would grow future RPI at. This report carries no per-date index-ratio history to grow, so changing it does not re-project the figures; the Money control's Inflation adjusted view instead discounts these nominal figures back to report-date money at that same assumption.

Every coupon payment is income, and the principal is the £100 return — inflation-uplifted for an index-linked gilt at the latest index ratio — when a gilt matures. The em dash marks a flow kind a date does not carry. The pivot flips the same schedule: one row per gilt, one column per by tax year period, so a bond's redemption year reads straight across.

Gilts are exempt from capital gains tax; coupons are taxed as income at your marginal rate. The Net coupon income figure in the summary strip applies the portfolio's effective rate to the coupon total, and the principal is never netted because the redemption is CGT-exempt.