Arthur Morgan (Louth, Sinn Fein)
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Question 429: To ask the Minister for Finance if he has considered introducing a wealth tax; and the potential return of a wealth tax in a full year levied at 1% on all assets over €1 million. [31930/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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All taxes and potential taxation measures are constantly reviewed in the context of the Budget and Finance Bill.

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 on the disposal of an asset (CGT) or the acquisition of an asset through gift or inheritance (CAT). However, they are not annual taxes on an individual's wealth, which is presumably what the Deputy has in mind. The rate of both of these taxes was increased to 25% in Supplementary Budget 2009.

The Deputy will be aware that I announced the introduction of a Domicile Levy in Budget 2010, the legislative provisions for which were contained in Finance Act 2010. The Levy is charged on an individual who is Irish-domiciled and an Irish citizen whose world-wide income exceeds €1m, whose Irish-located property is greater than €5m, and whose liability to Irish income tax was less than €200,000. The Levy applies for the tax year 2010 and is payable on a self-assessment basis on or before 31st October in the year, following the valuation date which is 31st December of each year. The amount of the levy is €200,000.

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 therefore not possible to provide the information requested by the Deputy.