Finance

Question 1

what are 4 ways HT improved his finances through ordinary revenue

Answer 1

-custom duties granted for life
-crown lands
-feudal dues
-profits of justice

Question 2

explain how HT improved his finances through ordinary income / crown lands and give a fact

Answer 2

-HT had more revenue from crown lands than other monarchs due to his Act of Resumption 1486
-1486 crown lands revenue = £12,000 and by 1508 = £42,000

Question 3

explain how HT improved his finances through feudal dues and give a fact

Answer 3

-through wardship HT’s revenue rose from £350 to £6000 in 20 years
-exploited feudal dues through the council learned in law

Question 4

explain how HT improved his finances through profits of justice

Answer 4

-HT collected court fines/ fees from the King’s court

Question 5

give 3 ways HT improved his finances from extraordinary revenue

Answer 5

-parliamentary subsidies/tax
-loans
-benevolences

Question 6

explain how HT improved his finances through parliamentary subsidies/tax

Answer 6

-often used for military campaigns
-efficient tax collection yielded £29,000

Question 7

explain how HT improved his finances through loans

Answer 7

-often raised from richer subjects, but had to be repaid
-over HT’s reign £203,000 raised in loans

Question 8

explain how HT improved his finances through benevolences

Answer 8

-1491 raised £48,000 to fund invasion of France and then gets French pension with Treaty of Etaples 1492

Question 9

what system did HT use/ change to and why

Answer 9

-HT used the Exchequer system at first as he was not able to run England himself
-1493 changed to EIV’s Chamber system

Question 10

how much did HT’s custom duties increase by during his reign

Answer 10

-£33,000 –> £40,000
-maybe due to trade recovery after great slump

Question 11

why was HT’s finance unpopular with nobles

Answer 11

-Council Learned in Law TOO efficient at collecting income