Effectively another name for wealth tax, this is a special charge on the richer members of society, which varies according to the amount of the payers' capital assets, i.e. their accumulated wealth. People with the greatest 'fortunes' pay the greatest amounts - assessed at a rate of so much in the pound of the value of assets legally owned. Legal ownership would be defined to prevent any evasion of tax by the creation of trusts, etc.
|Reference: The Penguin Business Dictionary, 3rd edt.|