Finance Flashcards
What were Crown lands, and what type of revenue was this?
- Crown lands come under ‘Ordinary Revenue’
- These were leased out for rent, but often on long leases which did not keep up with inflation. Income had also declined because of sales of land by Elizabeth
What was Wardship, and what type of revenue was this?
- Wardship comes under ‘Ordinary Revenue’
- This was the King’s right to act as guardian to the children of tenants who died before the child was old enough to inherit; Profits could be made from administrating the estate
How did marriage monetarily benefit the Crown?
- Marriage comes under ‘Ordinary Revenue’
- This was the King’s right to arrange marriages for the female heirs of tenants or the remarriage of widows
What was livery, and what type of revenue was this?
- Livery comes under ‘Ordinary Revenue’
- This was the King’s right to recieve a gift of money (set by him) from those who inherited land from him in feudal tenancy
What was Purveyance, and what type of revenue was this?
- Purveyance comes under ‘Ordinary Revenue’
- This was the King’s right to buy food and supplies for the Court at reduced prices
What was a monopoly, and what type of revenue was this?
- A monopoly comes under ‘Ordinary Revenue’
- This was the King’s right to grant exclusive rights to make and sell goods of particular kinds
What was tonnage and poundage, and what type of revenue was this?
- Tonnage and Poundage comes under ‘customs duties’
- This was custom duties on wine and wool, normally granted to the King for life by his first Parliament
What were impositions, and what type of revenue was this?
- Impositions come under ‘customs duties’
- These were new import duties whic hthe King was entitled to raise to protect English trade and industry
What were the four types of tax?
- Tenths and Fifteenths (ta on movable goods, excluding clothing, paid by all)
- Subsidies (income tax for landowners, office holders, wage-earners, merchants, etc.); not levied on the poor
- Poll Tax (rare tax paid by individuals)
- Ship Money (tax levied in wartime from coastal areas for building ships)
What did Queen Elizabeth I not update, and what did this mean?
Queen Elizabeth I did not update subsidy assessments to account for inflation, which meant that landlords and rich families were taxed on outdated and undervalued wealth, paying much less in taxes than they should have
What were happening to Parliamentary subsidies under James?
Parliamentary subsidies were shrinking in value, halving from £140,000 in 1558 to £70,000 by 1621
How much debt did James inherit from Elizabeth?
£400,000
How much did James’ debt increase between 1613 and 1620, and what was it exacerbated by?
James’ debt increased from £500,000 in 1613 to £900,000 in 1620, exacerbated by lavish spending on royal gifts, court entertainments, and maintaining multiple royal households.
What did James’ uneven spending to do certain MPs?
James’ spending alienated MPs, who believed the monarch should live off ordinary revenue in peacetime. This perception discouraged them from granting extraordinary funds and inhibited financial reform efforts.
What was the Great Contract of 1610?
The Great Contract proposed a financial settlement (one-off payment of £600,000 and then annual grants of £200,000) in exchange for James relinquishing feudal rights (wardship, purveyance)
