Henry VII - Economic and Finances. Flashcards
What were ‘Customs duties’?
This was responsible for a third of the king’s income. It was a tax on things like wool, leather wine and cloth.
How successful were Customs Duties and why?
Between 1485 and 1495, this earned Henry around £33,000 a year.
By 1495-1509, this increased to around £40,000 a year.
What are ‘Legal Dues’?
Money from fines and other payments made by people appearing before the king’s court. Payments came from common law courts and the courts operated by the royal councils.
Were Legal Duties successful? Why?
Yes! Henry increased the use of fines and attainders, which produced lots of profit.
The attainder of William Stanley in 1495 brought an immediate payment of £9000 and afterwards, £10,000 a year.
What were ‘Bonds and Recognisances’?
These were payments made as a guarantee of good behaviour. A noble could have a large sum of money held over their head, essentially, to ensure loyalty to the king. If this loyalty was broken, the person who’d broken it would have to pay a large sum of money.
Were Bonds and Recognisances successful? Why?
Yes! If any noble tried to rebel against Henry, they risked losing their land and money and ending up in ruin. This would’ve been especially in beneficial for Henry securing the dynasty.
What were Loans and Benevolences?
The king had a right to ask for financial assistance when and if he needed it. This was an irregular source of income.
Were Loans and Benevolances successful? Why?
Yes. The loans were often small and always repaid (or Henry would face resentful nobles, the last thing he needed with so many claimants around). However, many paid Henry grudgingly and referred to the tax as ‘malevolence’.
What were Clerical taxes?
The clergy were exempt from paying taxes. This was a way of getting money from them.
Were clerical taxes a success?
Yes! In 1489, the Archdioceses of Canterbury and York voted to give Henry £25,000 towards the French war.
What were parliamentary taxes?
These were taxes by parliament to fund royal policies, such as military action in Scotland or Europe.
Were the parliament taxes successful? Why?
No. They were widely resented and abandoned.
