Leon Boros

I am a private investor and former corporate financier. Please note @markpass_45 stole my original account and is using my name and bio details. Sadly X no help

[Leon Boros @boros10]

If you need someone to lend you an additional £130bn every year to cover overspending their opinion is going to count whether anyone voted for them or not.

[Zack Polanski @ZackPolanski]

We must stop being in hock only to the bond markets.

No one voted for the bond markets.

[Leon Boros @boros10]

He’s not alone in thinking landlords are a rentier class exploiting tenants, producing nothing, and deserving to be taxed into extinction — if not outright nationalised. No wonder Britain continues its slow and tortured decline.

[Rhomboid1🇺🇦 @rhomboid1MF]

I’ve been a landlord for 25 years..it’s been financially ~stupid but I’ve absolutely loved getting to know the folk whose lives have become intertwined with mine

You are bang out of order in castigating all landlords in that manner

[Leon Boros @boros10]

I accept most CGT receipts come from business disposals and PE exits rather than retail investors in ISAs. My point is that behaviour changes once rates become materially more punitive.

As my modelling showed, indexation means the real economic impact on long-term investors may be less dramatic than the headline 45% suggests. But higher rates still create incentives to defer disposals, restructure holdings, move into collective vehicles or use wrappers wherever possible.

That’s why I’m sceptical the full £12.8bn materialises in practice — especially if entrepreneurs rightly remain protected. The politics and optics of “aligning CGT with income tax” may end up being more significant than the fiscal reality.

[Leon Boros @boros10]

I’ve modelled 3 possible UK CGT systems over 20 years assuming:

• £100k invested
• 7% annual returns
• 3% annual inflation
• invested in a collective fund (taxed once to CGT at the end) or a portfolio of individual shares sold every 5 years and taxed after each disposal
• No ISAs/pensions used

Current System (24% CGT, no indexation)
• Fund: £318k final value | 5.96% pa
• Shares: £291k final value | 5.48% pa

45% CGT + Inflation Indexation
• Fund: £294k final value | 5.55% pa
• Shares: £280k final value | 5.28% pa

45% CGT, NO Indexation
• Fund: £258k final value | 4.91% pa
• Shares: £218k final value | 4.01% pa

So based on these assumptions indexation largely offsets the impact of the higher headline rate of CGT. However, in the real world returns are volatile rather than a smooth 7% annually. That likely makes high-rate CGT systems more economically distortive than static models suggest, because tax gets paid after strong years while losses are only relieved later — permanently removing capital from long-term compounding.

[Leon Boros @boros10]

These proposals will only change investor behaviour and therefore are unlikely to raise the hoped-for £12bn a year. Higher capital gains tax rates will encourage many investors to move away from owning shares directly and into collective funds. Inside a fund, managers can switch investments at the appropriate time without triggering tax for the end investor, whereas individuals managing their own portfolios would face repeated tax charges for reallocating capital. That may be good news for large fund management groups, but not for engaged private investors who back individual companies — especially smaller quoted businesses.

[Leon Boros @boros10]

@james1071 Another reason why I think the proposals will not yield the hoped for £12bn.

[Leon Boros @boros10]

These proposals will only change investor behaviour and therefore are unlikely to raise the hoped-for £12bn a year. Higher capital gains tax rates will encourage many investors to move away from owning shares directly and into collective funds. Inside a fund, managers can switch investments at the appropriate time without triggering tax for the end investor, whereas individuals managing their own portfolios would face repeated tax charges for reallocating capital. That may be good news for large fund management groups, but not for engaged private investors who back individual companies — especially smaller quoted businesses.

[Dan Neidle @DanNeidle]

Stunned, appalled, shocked etc to see actual tax reform from a politician. This from Wes Streeting today.

A thread on why capital gains tax is broken. It's too low AND too high. & why this is a good proposal.

[Leon Boros @boros10]

These proposals are far more likely to change behaviour than they raise the hoped-for £12bn a year. Higher capital gains tax will encourage many investors to move away from owning shares directly and into collective funds. Inside a fund, managers can switch investments without triggering tax for the end investor, whereas individuals managing their own portfolios would face repeated tax charges for reallocating capital. That may be good news for large fund management groups, but not for engaged private investors who back individual companies — especially smaller quoted businesses.

[John Aziz @aziz0nomics]

This really puts the sword to the Gary Stevenson narrative that the UK is some kind of hotbed of extreme inequality.

[Leon Boros @boros10]

@benonwine People who are very green!

[Leon Boros @boros10]

Thank you for your comments Zack.

Sadly statements from you including:

“If we’re talking about… the genocidal regime, then that is obviously racist.”

“Israel is a rogue state”

“Israel is committing genocide”

…. are not going to help reduce the number of such attacks against British Jews.

[Leon Boros @boros10]

@RebelHQ Ralph Miliband: Marxism despite the evidence

Ed Miliband: net zero despite the cost

Spot the zealot

[Mohamed A. El-Erian @elerianm]

A lot of chatter this morning already on the latest Blue Owl news (below), centered as much on the size of investor redemption requests as on the imposition of additional withdrawal caps.
#economy #privatecredit #markets

[Leon Boros @boros10]

@ZackPolanski We’re alright! We’re alright! You were just 5 yo.

[Leon Boros @boros10]

Positive update from Bioventix, confirming its position as a key player in the emerging Neurology & Alzheimer’s blood-testing market.

“Amongst the RuO B-D pT217 assays being developed by the leading IVD companies (e.g. Roche, Siemens, Abbott, Beckman, Quidel-Ortho, Mindray etc.), three use at least one Bioventix SMA in their assay design.  For the newer high sensitivity research-orientated platform companies (e.g. Quanterix, Alamar, Spear, Bio-techne/Ella, Merck/SCM&Singulex, Stata etc.) three have also included at least one Bioventix SMA in their RuO pT217 assay design”.

[Leon Boros @boros10]

I was very sad to hear that Roger Lawson has passed away. Roger was a tireless champion of the private investor and played a central role in the establishment of @ShareSoc.

He was intelligent, determined and fearless. His fluid writing style made his blog, https://t.co/soY33o68Wo, consistently engaging.

Roger could be pugnacious and, at times, stubborn - qualities that sometimes made him challenging to deal with - but he also showed real integrity and grace in acknowledging mistakes, as he did following the Globo plc episode more than a decade ago.

His death, coming so soon after the untimely losses of David Webb and Mark Bentley, is a significant blow to all of us who care about the rights of private investors.

My condolences to his son Alex and the rest of his family.

[Leon Boros @boros10]

Depressing. UK GDP per capita has been flat for two decades.

Without growth, the welfare state is on borrowed time.

We need to shrink the state and unleash enterprise.

[Leon Boros @boros10]

@FranceskAlbs @Rehiana1980 Doesn’t this exchange show the problem Israel faces with this constituency? Even mild deviation from the narrative makes you the enemy. It’s hard to see how a future Palestinian state shaped by that mentality would be democratic or at peace with itself or its neighbours.