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Reporting Gilt Interest to HMRC
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Shetland
Posted: 11 February 2025 11:30:38(UTC)
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I have the following questions relating to what I need to report to HMRC in respect of the gilts I have held for over a year.

They are not held in a wrapper so the interest is taxable, I know the capital gains are not taxable

I purchased T26 on 24/7/2023 and sold it on 7/8/24 and bought it back again on 8/8/24 in another account in the same name. I had interest in that time and when I purchased and sold there was a clean price and a dirty price.

How do I report this to HMRC, do I simply report the actual interest payments or do I need to add anything for the accrued interest in the purchase price ? If so, how do I calculate this ?

Many thanks
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Sara G on 11/02/2025(UTC)
Sara G
Posted: 11 February 2025 11:55:18(UTC)
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Shetland, have a look at the contract notes for your purchases - the accrued interest should be separated out. I assume the same goes when you sell (though I have not sold any Gilts and don't plan to).
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Shetland on 11/02/2025(UTC)
Shetland
Posted: 11 February 2025 12:53:14(UTC)
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Sara G;333915 wrote:
Shetland, have a look at the contract notes for your purchases - the accrued interest should be separated out. I assume the same goes when you sell (though I have not sold any Gilts and don't plan to).


Thanks

When I purchased it the accrued interest was £35.38. A few months later, in a different tax year I received interest of £137.34. When I sold it the accrued interest was £64.94

What is the calculation for the taxable interest I should inform HMRC of ?
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Thrugelmir
Posted: 11 February 2025 13:03:19(UTC)
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Shetland;333932 wrote:
Sara G;333915 wrote:
Shetland, have a look at the contract notes for your purchases - the accrued interest should be separated out. I assume the same goes when you sell (though I have not sold any Gilts and don't plan to).


Thanks

When I purchased it the accrued interest was £35.38. A few months later, in a different tax year I received interest of £137.34. When I sold it the accrued interest was £64.94

What is the calculation for the taxable interest I should inform HMRC of ?



Have a read,

https://www.gov.uk/gover...crued-income-scheme-2021
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3 users thanked Thrugelmir for this post.
Sara G on 11/02/2025(UTC), Shetland on 11/02/2025(UTC), GARRY TAYLOR on 11/02/2025(UTC)
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