I propose to take Questions Nos. 362 and 363 together.
I am informed by the Revenue Commissioners that as they have no statistical basis for compiling estimates in relation to a potential wealth tax, it is not possible to provide the information requested by the Deputy.
I have also been informed that no general research has been carried out recently by either the Department of Finance or the Revenue Commissioners regarding the extent and breakdown of wealth as opposed to income. I have no immediate plans to carry out such a study. However, it should be noted that all of an individual's assets and liabilities are declared in a number of specific circumstances — for example:
after the death of an individual, on an Inland Revenue Affidavit, which is a document that is required to be delivered to the Revenue Commissioners and certified by them in order to obtain a Grant of Probate or Letters of Administration; or
if an individual is required to submit a Statement of Affairs in the context of an investigation by the Revenue Commissioners.
In addition, an individual is asked to list chargeable assets acquired and disposed of during a year on their annual tax return. Asset values increase and decrease over time and in the context of recent economic circumstances, they may have declined considerably in many cases. Thus, if the value of an asset or of an individual's wealth is measured at a particular time there is no guarantee that the asset value or the individual's wealth will remain at that level or increase from that point.
Capital Gains Tax (CGT) and Capital Acquisitions Tax (CAT) are, in effect, taxes on wealth, in that they are levied on an individual or company when they dispose of an asset (CGT) or acquire an asset through gift or inheritance (CAT). The rate of both these taxes was increased to 25% in the last Budget and Finance Act. All taxes and potential taxation measures are constantly reviewed in the context of the Budget and Finance Bill.