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Gilt Strips

 
Continuing our series on legal and other concepts aimed at those working in tax Vimal Tilakapala Senior Associate Tax Department Allen & Overy London discusses gilt strips
 
'Gilts' are sterling-denominated interest-bearing bonds issued by HM Treasury and listed on the London Stock Exchange.
 
There are a several types of gilts. These include 'conventional' 'index-linked' 'undated' and 'double-dated' gilts. 'Conventional' gilts are the simplest and most common type and are basic UK Government bonds that pay a fixed semi-annual coupon and which have a fixed redemption date. 'Index-linked' gilts differ from conventional gilts in that the coupons payable and the amount payable on redemption are adjusted in line with the UK Retail Prices Index. 'Undated gilts' (of which very few are still in issue) are...
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