The other thing is what happens when the notional value goes down a year later? Do they get a tax refund?

Usually, you get a credit or deduction that can only apply to future tax liability in the same category. Ex: Capital losses are stuck with capital gains in the USA and can only be applied to $3000 of your income per year otherwise. These rule systems are usually incredibly self-serving.

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vidarh a year ago | parent | prev | next [-]

The wealth tax is yearly based on your wealth that year.

	▲	HPsquared a year ago \| parent [-]
		Oh right so it's not a tax on the gains in that year. Makes sense then, if it's just a wealth tax.

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freefaler a year ago | parent | prev | next [-]

At most you'd get a rebate of your future tax payment as is the current practice.

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asadotzler a year ago | parent | prev [-]

Yes.