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History Tudors > 50. Crown Income > Flashcards

50. Crown Income Flashcards

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1
Q

What were the main forms of ordinary income?

A

Customs duties, profits from feudal dues, and rents from crown land

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2
Q

Where else had Elizabeth started putting money into?

A

Trading ventures

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3
Q

What was bad about trading ventures?

A

Profits were extremely variable

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4
Q

What was the main form of extraordinary income?

A

Parliamentary taxation

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5
Q

What did elizabeth benefit from the revision of?

A

The book of rates

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6
Q

What was the book of rates?

A

Governed the collection of customs duties that had taken place during Mary’s reign

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7
Q

When did the new rates come into force?

A

May 1558

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8
Q

What happened to imports?

A

More imports were now subject to tax and the tax substantially increased often by 100%

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9
Q

How did customs revenue change from 1556-7 to 1558-9?

A

£29,000 in 1556-7 to £82,000 in 1558-9

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10
Q

What happened to the increase in customs revenue?

A

It wasn’t maintained

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11
Q

How much did customs bring in in the 1590s?

A

£91,000 which didn’t keep place with inflation

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12
Q

How else did elizabeth increase customs?

A

Supported overseas trade

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13
Q

What did elizabeth encourage?

A

The finishing of cloth so a greater share of profits would stay in the country

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14
Q

What did most clothiers prefer to export?

A

Unfinished cloth

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15
Q

What was an unintended consequence of the new book of rates?

A

The higher duties led to an increase in smuggling

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16
Q

Why was Elizabeth’s new regulations against smuggling useless?

A

There wasn’t enough customs officers, and a good deal of corruption among those who did exist

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17
Q

What happened to revenue from crown owned over her reign?

A

£86,000 to £110,000

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18
Q

How were nobles adopting more agressive land management systems?

A

Used short term leases to increase rents

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19
Q

What leases were crown land on?

A

Long leases

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20
Q

How much money did Elizabeth raise by selling crown lands?

A

Over £600,000

21
Q

When did profits from feudal dues decrease until?

A

1599

22
Q

When did profits from feudal increase?

A

When Robert Cecil took over the court of wards

23
Q

How did the Queen derive income from the church?

A

First Fruits and Tenths

24
Q

What was First Fruits and Tenths?

A

A tax which had once gone to the pope but now goes to the crown

25
Q

What did elizabeth keep vacant to gain income?

A

Bishoprics

26
Q

What happened to recusancy fines as the reign progressed?

A

Increased

27
Q

What was bad about recusancy fines?

A

Collection could be sporadic, especially in counties where the Naps were sympathetic to Catholicism

28
Q

What forms were taxation granted in?

A

Fifteenths and tenths, and subsidies

29
Q

How much did taxation usually bring in?

A

£140,000

30
Q

What happened to assessments of how much tax people should pay?

A

Wealthy landowners were seriously under assessed

31
Q

Who was an example of someone who’s income was under assessed?

A

Burghley

32
Q

Why didn’t elizabeth rectify the problem of under assessed tax?

A

She didn’t want to alienate the gentry, and didn’t want to pay for a professional tax collecting service

33
Q

How did elizabeth reduce costs?

A

-cutting back court salaries
-limited more extravagant menus
-surplus royal palaces were sold
-gifts of crown land and money were restricted to favorites
-used unpaid officials
-remodelled old ships
-avoided war

34
Q

Who did Elizabeth rely on to administer her finances?

A

William Paulet

35
Q

What financial reforms did William paulet implement?

A

Revaluing crown lands and raising customs duties

36
Q

Who replaced paulet as Lord treasurer?

A

Cecil in 1572

37
Q

What other financier did elizabeth rely on?

A

Sir Thomas Gresham

38
Q

Who was Elizabeth’s most effective chancellor of the exchequer?

A

Sir Walter mildmay

39
Q

What did the finance committee of the privy council do?

A

Drew up a budget, looked at where cuts could be made, collected debts to the crown, and considered the sale of crown lands

40
Q

How many people did the exchequer employ?

A

80

41
Q

What improvement to financial administration did Mary make that benefited Elizabeth?

A

Three quarters of royal revenue was now collected in one place, the exchequer of receipt, so the crown had a better idea about royal finances

42
Q

What inefficient practice was paulet determined to end?

A

Storage of money in the homes of officials

43
Q

What did paulet do to end the storage of money in homes of officials?

A

Insisted on his own officials taking charge so he had a better control of cash flow

44
Q

What was bad about Paulet’s money storage policy?

A

The system deteriorated as his health wavered and the practice was never fully controlled

45
Q

Why were officials susceptible to bribes and corruption?

A

There were few pay rises and inflation eroded their salaries

46
Q

When was the Marian debt wiped out?

A

1584

47
Q

How much was the Marian debt?

A

£227,000

48
Q

How much surplus did elizabeth have in 1584?

A

£300,000

History Tudors (44 decks)

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