Finances And Government Income Flashcards
Define…
TONNAGE AND POUNDAGE
Customs tax on tradable goods - granted by parliament
Ordinary revenue
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PARLIAMENTARY SUBSIDIES
Ordinary revenue granted by parliament - MPs decide on how much is raised
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PURVEYANCE
Extraordinary revenue
Gave the King the right to buy goods at a highly discounted price
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SHIP MONEY
Extraordinary revenue
The right to raise taxes at a time of national emergency - a matter of national defence
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WARDSHIP
When a child from a wealthy family is orphaned, the monarch must care for it for it until it is of age
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FEUDAL DUES
Extraordinary revenue
Ancient medieval taxes paid by tenants on Royal land
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FOREST FINES
A tax on those who lived on or near a royal forest belonging to the monarch
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FORCED LOANS
Extraordinary revenue
A tax that could be raised at a time of national emergency
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MONOPOLIES
Extraordinary revenue
The monarch could sell the right to import/sell a product to a person, who could increase prices as there was no competition
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CROWN LANDS
Land owned by the crown would produce an annual profit
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ORDINARY REVENUE
Money granted to the King by parliament - how the King made the majority of his money
Define…
EXTRAORDINARY REVENUE
Did not need to be granted by parliament
Produced much smaller income, but gave the King more financial independence
