The business and financial advisory firm has said that major concessions in the tax system, particularly on capital gains tax (CGT) are now doubtful as the government looks to be on course for a £6 billion overshoot in public borrowing.
Maurice Fitzpatrick, a tax expert at Grant Thornton, believes any concessions made to CGT before the new tax year beginning April next year, will be minimal and will not calm wide spread unrest among entrepreneurs and investors who are disappointed with the 80 per cent rise in tax.
Fitzpatrick said: "Despite fifteen years of continuous economic growth, the Treasury is borrowing in excess of £100 million per day. It is inconceivable that it would wish to increase public borrowing forecasts, therefore, it is expected that additional revenue will have to come from the tax system. In order to cover an overshoot of £6 billion, the Government would have to raise taxes equivalent to an additional £250 per household per annum."
