Swedish wealth tax is to be abolished in April in a bid to attract back the estimated private capital of up to SEK800 billion ($116 billion) which has fled abroad in recent years to escape punitive tax and social services costs. The wealth tax is applied on top of income tax at a maximum rate of 1.5 per cent and generates about SEK5 billion annually. The tax also applies to savings of over SEK1.5 million for single people and over SEK3 million for married couples or partnerships. The Swedish government did not make clear whether it would introduce a tax amnesty in order to encourage flight capital to return.