DMO Gilt Purchase and Sale Service


These Questions and Answers do not constitute the Terms and Conditions of the DMO's Gilt Purchase & Sale Service. Callers who require a full understanding of the Terms & Conditions should seek assistance from a professional adviser.

Gilt Purchase and Sale Service

Can I use this service?

If you reside in the UK, own or wish to own United Kingdom Government securities (“gilts”), and are on the DMO's Approved Group, you are eligible to use the service. This Service is not available if you hold or wish to hold your gilts in electronic form in CREST.

How should companies using the service treat the Stock Dealing Form?

Companies wishing to use this Service must execute the Stock Dealing Form as if it were a deed.

At what price will my instruction be carried out?

The price will be the market price available at the time of execution. The price of gilts may fluctuate while your instruction is in the post. The price may also fluctuate in the period after we have received it but before it is executed.

Can you advise me if I should use this service?

No, this Service is offered on an execution only basis and you should ensure it meets your own particular requirements. We cannot recommend that you buy, sell or hold gilts. Neither Computershare nor the DMO offer investment advice. If you are unsure of what action to take you should obtain independent financial advice.

Back to top

Approved Group

What does the Approved Group represent?

Members of the Approved Group are persons who [reside in the UK and that] have satisfied the DMO’s criteria concerning identity and source of funds which takes into account the rules under Know Your Customer requirements, the Money Laundering Regulations 2007 as well as any other additional rules or considerations.

How is money laundering involved?

The United Kingdom is one of the world's largest and most international financial centres. Unfortunately, this means that it can attract groups and individuals looking for opportunities to launder cash obtained from illegal activities into clean money, which cannot be traced back to its original roots. The UK Government is committed to combating financial crime in all its forms and has passed legislation to reinforce its procedures in this respect. In this context, whilst there is no evidence that gilts are used to launder funds, gilts are recognised throughout the world as some of the safest and, consequently, most desirable forms of investment. The UK Government believes that it would be detrimental to its policy of combating financial crime and terrorism if its own instruments, by virtue of their negotiability, became one of the instruments used to launder money.

Is there a cost involved to join the Approved Group?


Can I use your Purchase and Sale Service if I am resident outside the UK?

No, the service is only available to residents of the UK.

I already hold gilts and do not wish to join the Approved Group, what will happen to my gilts?

Your gilts will still remain on the register and the dividends will be paid according to the instructions already given, but you will not be able to sell the gilt or buy any more through the Purchase and Sale Service - you will need to use a stockbroker or bank share dealing service.

Back to top

Buying Gilts

How do I use this service?

A completed Gilt Stock Dealing Form will need to be submitted to Computershare along with appropriate payment for the Stock. The completed Dealing Form can be submitted to the Company either as a clearly scanned PDF via email to, or through the post.

Where a single or multiple investment on any one dealing day is for more than £1,000 Computershare will only accept electronic payment.

Where a single or multiple investment on any one Dealing Day is for £1,000 or less, then you have the option to pay via electronic payment or cheque.

An unclear, or incomplete Gilt Stock Dealing Form, will be rejected and returned via the medium submitted. Please ensure that an email address and contact telephone number are included on the Dealing Form.

To access the Gilt Stock Dealing Form and the Terms and Conditions of the service, please visit the Computershare website.

Back to top

How and when we will buy gilts for you

How soon after purchasing the gilts will settlement take place?

We will arrange for gilts to be bought for you from the DMO, once the Stock Dealing Form has been received, although settlement will not occur until we are satisfied that we will receive cleared funds from you. This means that the settlement of the purchase will normally be three business days after the Stock Dealing Form has been received and accepted, or such later date as your cheque clears.

When will you buy the gilts for me?

We will purchase gilts for you on the day of receipt of your Stock Dealing Form, provided the Form has been completed correctly, is received by 10:00am and it is a dealing day (a dealing day is any business day on which the London Stock Exchange is open for business).

What if my cheque does not clear when presented?

If instructions for a purchase are given prior to your cheque being presented for clearance, and your cheque does not clear on first presentation, we may reverse the purchase at your expense.

Can I specify a price or maximum price to buy gilts?

We offer an execution only service. You are not able to specify the price or a maximum price at which your purchases of gilts are to be made.

Am I charged separately for the fees?

The money that you send to us is used to cover both the purchase price of the gilt and any fees and charges.

When will I receive my gilt certificate?

We will send you your gilt certificate four business days after the purchase was transacted or as soon as reasonably practicable thereafter.

Where should I send the purchase documents?

Please send the documents to:

British Government Stocks (Gilts)
Computershare Investor Services PLC
The Pavilions
BS99 6ZW

Back to top

Selling your Gilts

What documents do I need to complete to sell my gilts?

You are not required to be a member of the Approved Group to sell all or part of your gilts holdings via the service; however, you must be a resident of the UK. A completed Gilt Stock Dealing Form will need to be submitted to Computershare, together with your gilt certificate(s) and any supporting documentation; such as, proof of identity, a power of attorney or marriage certificate. When you give an instruction to sell your gilts via the service, you represent that no other person has any rights, interests or charges in or over the gilts you are selling.

Where should I send the sale documents?

Please send the documents to:

British Government Stocks (Gilts)
Computershare Investor Services PLC
The Pavilions
BS99 6ZW


Back to top

How and when we will sell gilts for you

When will you sell my gilts?

We will normally instruct the sale of your gilts to the DMO on the dealing day we receive and accept your instruction, or where this is not possible then no later than the following business day.

Can I specify a price or minimum price to sell my gilts?

No, you are not able to specify the price or a minimum price at which your gilts are to be sold.

When will the settlement date be following the sale of my gilts?

Normally settlement will occur three business days following the date of the trade. Computershare will only make payment to you once it has received the settlement money from the DMO.

What about any dividends payable prior to me selling my gilts?

If your instructions to sell your gilts are settled on a day within 7 working days of the dividend date for that gilt, you will still receive the full dividend when it is paid but part of it will be deducted from the proceeds.

How will I receive my payment for selling my gilts?

You may opt to receive the proceeds by cheque or by automated transfer (BACS). If you opt to receive payment by cheque we will make the payment to the registered holder of the gilts, or the first named holder in the case of joint holders. We will not accept any instructions to make cheques payable to anyone else. If you opt to receive payment via BACS it must be to an account in the name of the registered holder of the gilts (or the first named holder in the case of joint holders) with a UK bank or building society. We will not accept any instructions to make BACS payments to anyone else.

Back to top

General provisions relating to buying and selling gilts

What are the charges for buying or selling gilts?

The current scale of commission charges are based on the total settlement proceeds, including any accrued interest or rebate interest.

Deal Type Commission Rate Minimum Charge
Purchase costs up to £5,000 0.7% £12.50
Purchase costs over £5,000 £35 plus 0.375% of the amount in excess of £5,000 £35
Sale proceeds up to £5,000 0.7% None
Sale proceeds over £5,000 £35 plus 0.375% of the amount in excess of £5,000 £35
Last updated 14 December 2004


What will happen if my form has not been completed properly?

We reserve the right not to accept purchase or sale instructions which are not given on the standard Stock Dealing Form, or which have not been properly completed. Any forms, together with cheques, which are rejected will be returned to you.

What if for any reason, I am ineligible to buy gilts?

We reserve the right to delay the execution of any purchase or sale instructions where, in our opinion, we need to satisfy ourselves in respect of any legal or regulatory matters. Neither Computershare, nor the DMO, will be responsible for any lost opportunities, including those due to movements in market prices, due to the rejection of an incomplete Stock Dealing Form.

Can I fax, e-mail, telephone or photocopy forms to you?

No. Instructions which are given by fax, telephone or on photocopied forms will not be accepted.

How will you advise me if my instruction is not acceptable?

We reserve the right not to act on any particular sale or purchase instruction and will notify you in writing as soon we decide not to accept a particular instruction.

Can I cancel or amend an instruction after I have posted it?

You may not cancel or amend any instructions to buy or sell gilts once they have been posted.

Can I send my instruction under a power of attorney?

If you are sending an instruction under a power of attorney you should indicate this fact and enclose the original power of attorney, or a copy certified by a solicitor or notary public, which will be inspected and returned to you.

How do I buy or sell gilts held in joint names?

If you wish to buy or sell gilt in joint names then everyone who is or wishes to be joint holders must sign the relevant form.

How are purchases made under this service?

We may aggregate your order with orders we receive from other people using this Service. Aggregation may work on some occasions to your disadvantage.

When will I be sent a contract note regarding the gilts sold or purchased?

You will be sent a contract note within two days of the execution of your application to buy or sell gilts. The contract note will detail the nominal amount of gilts sold or purchased on your behalf, the price together with any accrued or rebate interest and the commission charged.

Back to top

Contacting each other

Who should I contact if I have any queries?

All communications should be addressed to:

British Government Stocks (Gilts)
Computershare Investor Services PLC
The Pavilions
BS99 6ZW

Back to top


What happens to any fractions, interest or commission that Computershare may receive from the aggregate sales or purchases?

All monies which are held for you will be held in a client bank account which is maintained for clients of this Service. Interest will not be paid on any such money. Cash fractions arising in respect of money due to you are rounded down. Any commission which may be payable on aggregated sales or purchases is charged at the prevailing rate against each individual sale instruction and rounded up to the nearest penny. In each case Computershare will retain the difference.

Why is the settlement amount not the same as the money I sent with the Stock Form?

Fractions of pence arising in respect of the amount of a gilt purchased for you are rounded up or down according to the normal trading conventions and the consequent settlement amount may not correspond exactly to the monies sent by you with the Stock Dealing Form. Such cash sums as arise shall be retained by Computershare.

When will I be advised of any changes to the Terms and Conditions?

The DMO may change the terms and conditions from time. No change will affect any completed purchase or sale, or any instruction received but not completed by the date of the change.

Back to top

Data Protection

Will the personal data you have about me be passed to anyone else?

Any personal data obtained from you in providing this Service will be held by Computershare in accordance with the relevant legislation. Computershare will only hold, use, or otherwise process such of your personal data as is necessary to provide you with the Service. For more information please see the Computershare privacy notice  and the DMO privacy notice.

Back to top


What is the procedure if I want to make a complaint?

There are procedures in place that aim to help resolve all complaints from customers effectively, a copy of which can be provided on request. If you have any complaints about the service provided to you, you should write to the following address:

British Government Stocks (Gilts)
Computershare Investor Services PLC
The Pavilions
BS99 6ZW

Computershare Investor Services PLC is authorised and regulated by the FCA. Computershare Investor Services PLC is also a member of the Financial Ombudsman Service, details of which are available from them on request.

Who issued the Terms and Conditions and what is their address?

The terms and conditions were issued by the United Kingdom Debt Management Office (DMO). Its address is:

United Kingdom Debt Management Office 
The Minster Building
21 Mincing Lane

Back to top