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Dáil Éireann debate -
Wednesday, 17 Oct 1979

Vol. 316 No. 1

Ceisteanna—Questions. Oral Answers. - Wealth Tax Assessment.

22.

asked the Minister for Finance the total value of the assessment of wealth tax for the period ended 5 April 1977; the value of (a) holdings held outside the state, (b) agricultural land, (c) stocks and shares, (d) other forms of property in the total value, and the number of individuals, discretionary trusts and private non-trading companies assessed.

As the reply is in the form of a tabular statement, I propose with the permission of the Ceann Comhairle, to have it circulated with the Official Report.

Following is the statement:

Table 1.

Type of Property

Value

£

(a) Holdings held outside the State

280,154,629

(b) Agricultural land

190,005,580

(c) Stocks and shares

435,523,861

(d) Other forms of property

407,912,792

Total

1,313,596,862*

* Some property may be included twice or three times in this total—see Note (i).

Table 2.

Categories of assessable persons

Number of assessable persons

Individuals

4,399

Discretionary trusts

2,374

Private non-trading companies

2,828

Total

9,601*

* Some persons may be included twice or three times in this total—see Note (v).

Notes:

(i) Table 1 gives particulars of the type and value of all property which was assessed to wealth tax in the period from the inception of the tax in 1975 up to 5 April 1978. The values shown represent the sum of the values for the three valuation dates when the tax was operative, i.e., 5 April 1975. 5 April 1976 and 5 April 1977. Because of the manner in which statistics are kept, it is not possible to furnish particulars for each valuation date separately. Information concerning cases assessed after 5 April 1978 is not yet available.

(ii) The values shown in Table 1 are net market values after deduction of debts, incumbrances and reliefs.

(iii) The value at (a) in Table 1 refers to property of every description situate outside the State; the values at (b), (c) and (d) refer together to property of every description situate in the State.

(iv) The land referred to at (b) in Table 1 is land of individuals only; land in the hands of discretionary trusts and private non-trading companies is included in the property at (d).

(v) Table 2 gives particulars of the numbers of persons assessed to tax on the property in Table 1. The numbers shown represent the sum of the numbers for the three valuation dates and where a person was assessed to tax for more than one valuation date that person is included more than once in Table 2.

The Minister stated——

The practice of continuing to ask questions on the answer after the statement has been accepted should be discontinued completely. Question No. 23.

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