Abstract: A soft magnetic alloy is provided that consists essentially of 47 weight percent?Co?50 weight percent, 1 weight percent?V?3 weight percent, 0 weight percent?Ni?0.25 weight percent, 0 weight percent?C?0.007 weight percent, 0 weight percent?Mn?0.1 weight percent, 0 weight percent?Si?0.1 weight percent, at least one of niobium and tantalum in amounts of x weight percent of niobium, y weight percent of tantalum, remainder Fe. The alloy includes 0 weight percent?x<0.15 weight percent, 0 weight percent?y?0.3 weight percent and 0.14 weight percent?(y+2x)?0.3 weight percent. The soft magnetic alloy has been annealed at a temperature in the range of 730° C. to 880° C. for a time of 1 to 6 hours and comprises a yield strength in the range of 200 MPa to 450 MPa and a coercive field strength of 0.3 A/cm to 1.5 A/cm.