Michael D Higgins (Galway West, Labour)
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Question 89: To ask the Minister for Finance the research that has been carried out over the past ten years by his Department on the extent and breakdown of wealth, as opposed to income here; the findings of such research; if he will make these findings available; the changes in findings and figures on a year to year basis over this ten year period; if it is proposed that such research or new research in this area be used in order to create an equitable system of taxation in the 7 April 2009 Budget; his views on the taxing of wealth; and if he will make a statement on the matter. [12670/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I have been informed that no general research has been carried out over the past ten years by either the Department of Finance or the Revenue Commissioners regarding the extent and breakdown of wealth as opposed to income. However, 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 regarding 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 from 20% to 22% 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.