financial income Flashcards
changes made to Crown lands
Henry changed administration so less money was lost to corruption and incompetence
Act of Resumption 1486 - reclaimed all Crown lands granted away since start of WoR
effective crown lands
- increased by a rate of 30%
- annual income went from £3000-40,000
changes made to customs duties
prerogative duties - paid on exports of wool, leather and cloth
import and export duties
evidence of custom duties
made £40,000 per annum
effective custom duties?
the revenue depended on the economy so it did not raise the income much
changes to feudal dues
wardship, livery and marriage
-relief payments- to the crown when land was inherited instead of it being claimed by the throne
evidence of feudal dues
1487- wardships and marriages earned £350. 1507 - over £6000 per annum
however, this process alienated the nobles
effective feudal dues?
it was effective as it helped Henry’s authority and increased his revenue, however, it was not consistent
bonds and recognisances affected
46 out of 62 noble families were financially tied to Henry
evidence of bonds and recognisances
after Bosworth, the earl of Northumberland had to pay £10,000 as a guarantee of loyalty - annoyed the nobles
Henry saw bonds and recognisances
as a way to keep the nobles in check- the more money he had, the more authority he had
changes made to profits of justice
many cases ended with a fine being paid - Henry was entitled to all fees and fines
evidence of profits and justice
the leaders of the cornish rebellion were executed but their followers were fined
effective profits of justice
it was a good source of income and discouraged treason.
However, he was criticised for manipulating the legal system and caused resentment
parliamentary grants
Henry avoided these as much as possible
evidence of parliamentary grants
1487- request to pay for the Battle of Stoke
1496 - Warbeck and Scotland
effective parliamentary grants?
it was fairly effective except that it caused two rebellions
benevolences
a forced loan with no repayment
evidence of loans and benevolences
£203,000 gained throughout his reign
benevolances
- effective short term, however, showed his weakness as he had to borrow from nobles
- he raised £48,500 in 1491 to take his army to France
changes made to clerical taxation
simony- the selling of church appointments
the crown kept the revenue from vacant bishoprics
evidence of clerical taxation
charged £300 for Arch Deaconry of Buckingham
later in his reign Henry got £6000 a year from vacant bishoprics
effectiveness of clerical taxation
effective as it got revenue, however, it caused corruption within the church and was not a consistent form of revenue
feudal aid
collection of money on special occasions - like Prince Arthurs knighting
evidence of feudal obligations
£30,000 raised from the knighting of Prince Arthur
effectiveness of feudal obligations
it was effective short term, but it annoyed the nobles
example of extraordinary income
the French pension from the treaty of Etaples
amount from French pension
overall £159,000 paid in annual amounts of £5000
effectiveness of the French pension
it prevented war and England gained £5000 a year
In 1489
the Church gave £25,000 for war with France.
overall
his financial policies were cautious and realistic. He avoided as far as possible an aggressive FP as that had been the single biggest reason for the poverty of earlier Kings.
he exploited
his legal rights to claim special payments from his nobles to swell his treasury and to remind them of his control
to some historians
Henry was a miser, obsessed with hoarding money
he did spend
lavishly to entertain foreign guests and to promote himself and his dynasty - symbols of the tudor rose and the Beaufort Portcullis appeared everywhere
he loaned
huge ammounts of money to Emperor Maximillian and Philip of Burgundy. Whilst never repaid, the money was spent for the security of England and Wales
