Rockstar had launched an appeal to the BBFC Video Appeals Committee against that decision, which was suspended while the revised version was considered for classification.
"We recognise that the distributor has made changes to the game, but we do not consider that these go far enough to address our concerns about the original version," said BBFC director David Cooke.
"The impact of the revisions on the bleakness and callousness of tone, or the essential nature of the gameplay, is clearly insufficient.
"There has been a reduction in the visual detail in some of the 'execution kills', but in others they retain their original visceral and casually sadistic nature."
Plans to release the game in the US were affected after the Entertainment Software Rating Board (ESRB) issued the game with an 'Adults Only' rating, which would have barred the game from sale in most major US retailers.
A modified version of the game was given an updated 'Mature' rating by the ESRB in August, but the BBFC is not convinced that the changes are sufficient.
"We did make suggestions for further changes to the game, but the distributor has chosen not to make them," said Cooke.
"As a result we have rejected the game on both platforms. The decision on whether or not an appeal goes ahead lies with the distributor."
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