asked the Minister for Finance the estimated cost to the Exchequer in 1978 and 1979 of the decision to cease making assessments for the purposes of wealth tax, assuming a continuation of existing levels of exemptions.
Written Answers . - Wealth Tax .
30.
: It is estimated that the cost in the current year would be £8.5 million. It is difficult to estimate the cost in 1979 as this will depend on the fluctuation in the market values that will have taken place in the meantime and on other factors such as the movement in and out of the tax of assessable persons. However, assuming an average overall increase of 10 per cent in yield the cost for 1979 would be in the region of £9.3 million.
Outstanding tax will, of course, continue to be assessed and collected in respect of the valuation dates in 1975, 1976 and 1977.