Dáil Éireann Debate, Tuesday - 7 February 2012
127 Deputy Pearse Doherty asked the Minister for Finance the total revenue raised on an annual basis from 1975 to 1985 under the terms of the Wealth Tax Act 1075 represented in monetary terms, as a percentage of the total tax take as a percentage of GDP. [6481/12]
View answerWealth tax was introduced in tax year 1975/76 and was abolished at the end of tax year 1977/78. The rate of the tax was 1% and it applied to the "net market value", as defined, of the "taxable wealth" of an individual, a discretionary trust, or a private trading company. There were a number of allowable deductions and exemptions from the tax. I am informed by the Revenue Commissioners that the yield from the wealth tax, and the wealth tax as a percentage of the total tax take, are as shown below. The figures for the wealth tax as a percentage of GDP are based on figures from the Central Bank of Ireland's Statistical Yearbook of Ireland.
|
Year |
Exchequer yield from Wealth Tax |
Exchequer yield from Wealth Tax |
Wealth Tax yield as % of total tax take |
Wealth Tax yield as % of GDP |
|
£m |
€m equivalent |
% |
% |
|
|
1975 |
3.7 |
4.7 |
0.4 |
0.09 |
|
1976 |
6.5 |
8.3 |
0.5 |
0.13 |
|
1977 |
5.8 |
7.4 |
0.4 |
0.09 |
|
1978 |
0.7 |
0.9 |
0.04 |
0.01 |
|
1979 |
0.8 |
1.0 |
0.04 |
0.01 |
|
1980 |
0.8 |
1.0 |
0.03 |
0.01 |
|
1981 |
0.7 |
0.9 |
0.02 |
0.01 |
|
1982 |
0.6 |
0.8 |
0.02 |
Negligible |
|
1983 |
0.7 |
0.9 |
0.01 |
Negligible |
|
1984 |
0.2 |
0.3 |
Negligible |
Negligible |
|
1985 |
0.2 |
0.3 |
Negligible |
Negligible |
