While the offshore life business and the Association of British Insurers lobby the British Governmen...
While the offshore life business and the Association of British Insurers lobby the British Government to reconsider its proposed capital gains tax reforms, accountancy firm Grant Thornton has said the state of the nation's finances means concessions are unlikely to be granted.
Maurice Fitzpatrick, a tax expert at Grant Thornton, said: "It is inconceivable that the Government 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 £6bn, the Government would have to raise taxes equivalent to an additional £250 per household per annum."
£300bn of liabilities
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