In fact in SVN every commit creates a 'label'. You can go back to every revision (commit) at any moment.
There is no difference between a branch and a tag in theory. Just that a branch is developed further and merged with commits from different developers whereas noone should ever commit to a tag.
Tags are normally given a more verbose name such as 'RC 1.5 - the day when it finally seemed to be stable'.
That explains why 'Create branch/tag' in Tortoise are one.
And essentially svn just creates a copy of the last revision into another directory (e.g. tags). This copy is of course not a full copy but a normal diff, therefore the continuous revision numbers.