TaxAdministrationGrant Thornton: concessions on CGT unlikely

Grant Thornton: concessions on CGT unlikely

Grant Thornton says UK govt will exceed its borrowing target by ?6bn, making any concessions on CGT reform unlikely

Grant Thornton
says the Treasury will
need to raise taxes by the equivalent of ?250 per UK household if it is to
recoup an overrun of ?6bn as the government borrows more than ?100m a day.

Maurice Fitzpatrick, a Grant Thornton tax expert told Thompson Financial,
this meant any changes to the capital gains tax (CGT) reform would be minimal.

‘It is inconceivable that it would wish to increase public borrowing
forecasts, therefore it is expected that additional revenue will have to come
the the tax system,’ Fitzpatrick said.

He said proposals on non-domicile tax which will be released next year would
also be revenue raising initiatives.

Further reading:

Gordon Brown defends CGT decisions

Tories say CGT explanations are unravelling

Read
the story in Forbes

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