§ Lord Marlesfordasked Her Majesty's Government:
Which countries in the European Union impose an annual wealth tax, indicating in respect of each the top rate of the tax; the level of wealth (expressed in pound sterling) at which that rate applies; and the types of assets which are liable to the tax. [HL3723]
§ Lord McIntosh of HaringeyThe information requested is given below.
Country Basis of assessment Top rate % Level of wealth (£) on which this rate applies Finland1 Family 0.90 122,087 France2 Individual 1.65 4,535,323 Luxembourg3 Family 0.50 *3,272 Netherlands4 Married couple 0.70 76,266 Spain5 Individual 2.50 8,957 Sweden6 Family 1.50 60,688 Each country taxes world-wide net wealth. However direct comparison should only be made after considering that calculation and exemptions vary depending on the country concerned.
(1) Finland, fair market value or depreciated value used, quoted shares taken at 70 per cent. of their market value. A deduction of £5,549 granted in respect of owner occupied dwellings.
(2) France, business assets are fully exempt. Certain other property is either fully or partially exempt.
115WA(3) Luxembourg, there are exemptions and deductions ranging from £818 to £22,910 depending on the nature of the underlying asset. Only 50 per cent. Of business/agricultural assets are taken into account. (*This is the exemption for a married couple, each dependent child is entitled to an additional £1,636.)
(4) Netherlands, share-holdings are either exempted or only a per cent. value is taken into account.
(5) Spain, business assets are exempt, some share-holdings are exempt, there are various types of personal property that are exempt.
(6) Sweden, business assets are exempt, quoted shares are normally included at 80 per cent. of their value, unquoted shares are exempt.