Séamus Healy (Tipperary South, Workers and Unemployed Action Group)
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17. To ask the Minister for Finance given that net financial assets of households, including shares and bank deposits, are well above peak boom level, if he will place a tax on such assets above €500,000 per household to fund much needed investment in health and education; and if he will make a statement on the matter. [1319/16]

Michael Noonan (Limerick City, Fine Gael)
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The Government has no plans to introduce a tax such as that described by the Deputy, or a wider  wealth tax, although all taxes and potential taxation options are of course constantly reviewed.

As I have stated on a number of occasions, wealth can be taxed in a variety of ways, some of which are already in place in Ireland.  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). Deposit Interest Retention Tax (DIRT) is charged at 41%, with limited exemptions, on interest earned on deposit accounts.  Local Property Tax (LPT) introduced in 2013 is a tax based on the market value of residential properties. Finance Act 2010 introduced a new levy known as the Domicile Levy which can be seen as a form of wealth tax. It is aimed at high wealth individuals with a substantial connection to Ireland, whether they are tax resident or not, to ensure they make a tax contribution to this country in a year of at least €200,000.

Issues relating to expenditure policy, including investment in health and education, are a matter for my colleague, the Minister for Public Expenditure and Reform.