Financial Policy - Extraordinary Revenue Flashcards
What are benevolences?
A forced loan with no repayment.
Who introduced benevolences?
They were introduced by Edward IV in 1475 when he was preparing for a war with France.
What happened if people failed to pay the benevolence?
They were threatened to appear before the Royal Council.
What did many people refer to the benevolences?
‘Malevolence’
What is Simony?
The selling of Church appointments
How much money did the Church give to Henry in 1489?
£25,000 to avoid the cost of a war with France.
What would happen when a bishop died?
The post would remain vacant and the king would protect the revenue. The limit for the open post was 12 months and this process provided him with £6000 per year.
What is a feudal obligation?
A due levied on special occasions.
What could Henry as chief feudal lord?
He could force anyone with an income of £40 or more a year to become a knight.
What event occurred in 1504?
(Prince Arthur was knighted. He levied £30,000 for this knighting = 1491). He collected money for the marriage of his daughter, Margaret. By this time, he was in a strong enough position to push it through.
What was the French Pension?
This was when the French gave Henry a pension of £159,000 plus an annual pension of £5,000 under the Treaty of Etaples (1492) in order to remove English troops from French soil.
What was the purpose of Parliamentary Grants?
To help the king when the national interest was threatened.
How were parliamentary grants raise?
They were usually raised in the form of a tax which ultimately fell on the people. The basic tax was a fifteenth and tenth.
Why did the king ask for money from Parliament in 1487?
To finance the Battle of Stoke.
Why did the King ask for money in 1496?
To defend himself against the Warbeck rebellion.
Why did the king ask for money in 1489?
To pay for a war against the French
How much money was agreed in the Parliamentary grants?
£30,000 per year
What was the Cornish Rebellion?
An uprising in 1497. The primary cause was the response by impoverished Cornish population to the raising of war taxes by HVII. It led to victory for the crown and the execution of rebel commanders, fining of rebels.
In 1496, what did Henry have to do?
He had to supplement the grant from Parliament with loans from his subjects.
How much money did Henry gain throughout his reign?
Estimated £203,000
Why did Henry have to repay the loans from his subjects?
To prevent resentful nobility.
