The UK's push to expand its bills market is reigniting debate around whether retail investors deserve better tax treatment. As authorities move to open up this traditionally institutional segment, there's growing pressure to level the playing field—making the argument that if professionals get tax advantages, everyday investors should too. The expansion signals a shift toward democratizing fixed-income markets, but it also highlights a gap: retail participation could surge if the tax framework actually incentivizes it rather than putting them at a disadvantage. This kind of market-structure reform doesn't just affect UK investors; it reflects a global trend of regulators rethinking how to make capital markets more accessible without sacrificing stability.