Capital Levy:

Capital levy is a heavy levy imposed once for all on property, wealth or any of the capital assets above a certain fixed value. Capital levy is generally imposed after war to liquidate the unproductive war debts. The government may redeem its public debt by levying a heavy additional tax only once, or at the most twice. This special heavy tax to repay public debt is generally called a capital levy; asset is assessed on the value of capital held by the people. Sometimes it is called a special levy, when the heavy tax is imposed on an index of ability other than capital. After World War I in the UK  it was proposed to impose a  capital levy to repay the heavy debt incurred while waging the war. The Labour Party in the U.K. in election manifesto in October 1922 made a promise that " Labour recognized the urgent need of lifetime from the trade and industry of the country to receive the country from the dead weight burden of the National debt. It, therefore, proposes the creation of a war debt redemption fund by a special graduated levy on fortunes exceeding £ 500".