finances Flashcards
sources of royal income
Crown lands
Profit from feudal dues and exercise of royal prerogative
Pensions from other powers
Extraordinary revenue
Custom revenue
Profits of justice
crown lands (ordinary revenue)
HVII was the country’s largest landowner= the more land you owned the more powerful you were.
The kings annual income rose: 1486= £12000 to 1508= £42000.
HVII had more crown lands than previous owners due to Act of Attainder.
profits from feudal dues
Wardship- this allowed HVII to gain a profit from any properties owned by a minor, his annual income rose: 1487= under £350, 1507= £6000.
Feudal aid 1504- allowed the crown to tax their tenants for the knighting of the eldest son and the marriage of their eldest daughter.
extraordinary revenue
Money raised by the king from additional sources as one-off payments when he faced an emergency or an unforeseeable expense of government; this could be made up of parliamentary grants, loans, clerical taxes, for example.
HVII received over £400,000 in revenue, however this came at a price as it provoked rebellions in 1489+ 1497.
pensions from other powers
At the Treaty of Etaples in 1492, the French agreed to pay Henry a pension of £5000 per annum. This was an agreement made between France and England to ensure that France would stop supporting perkin.
profits of justice
This included fines and income from bonds, these provided the king with a continuous income that varied between £300 and £8000 per annum.
custom revnue
Tonnage and poundage- throughout this reign this only increased his revenue by a small amount: £34000 to £38000
