Henry VII: Government - Extraordinary Revenue Flashcards

1
Q

Definition of Extraordinary Revenue

A
  • This revenue came from the duty of the subjects of the king to help him in times of need
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2
Q

Bonds & Recognisances

A
  • These were raised for political and financial purposes
  • Payments made as a guarantee of good behaviour
  • A bond was a lump sum of money payable only if a condition was not observed
  • A recognisance was formal acknowledgement of a debt
  • Payments were enforced by the Counsel Learned in Law
  • After Bosworth the Earl of Westmorland was made to sign over £10,000 for loyalty
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3
Q

Loans

A
  • Voluntary loans could be raised from richer subjects and institutions e.g. merchants and town corporations
  • Henry repaid these loans
  • Organised by the Royal Council
  • Payments enforced by the Council Learned in Law
  • In 1496 Henry asked wealthy subjects for loans of £10,000 to fight the Scots and Warbeck - there was little resentment as Henry ensured he paid these loans back
  • Over the reign, Henry raised some £203,000 in loans
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4
Q

Benevolences

A
  • These were loans that were forced with the threat of sanction, and were not repaid
  • These obligatory loans could not be seized, but had to be handed over
  • Could be requested from individuals and institutions
  • Organised by the Royal Council
  • Enforced by the Council Learned in Law
  • In 1491, the King raised £48,000 to fund the invasion of France
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5
Q

Feudal Dues

A
  • All tenants-in-chief were obliged to pay an aid to the King on the knighting of his eldest son and marriage of his eldest daughter
  • Gifts were paid by leading nobles, but Parliament was also expected to make a grant on behalf of the people it represented
  • Henry exploited this source of income fully – for example, he received £30,000 from Parliament in 1504 for the knighthood of Prince Arthur (who had died in 1502)
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6
Q

Clerical Taxes

A
  • Special taxes which the King could levy on the Church
  • Convocation (the Church assembly) matched each parliamentary subsidy
  • Another source of income from the church was vacant bishoprics. When a bishop died, the King might not appoint a successor, and so keep the revenue
  • Practice called ‘simony’ where men were charged for church offices - banned in Church, but widely practised
  • Later in the reign, several bishops died enabling Henry to raise over £6,000pa from vacant bishoprics
  • Henry raised £300 for the post of Archdeacon of Buckingham for example
  • In 1489 the convocation (like the parliament of the Church) awarded Henry £25,000 toward war with France
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7
Q

Parliamentary Taxes

A
  • Fifteenth and Tenths were the usual form of taxes with fifteen percent of a subjects’ movable goods taxed in the countryside and ten percent in the towns
  • Parliamentary taxes were available but were often unpopular, and triggered two rebellions in Henry’s reign (in Yorkshire in 1489 and Cornwall in 1497)
  • He avoided parliamentary taxes as much as possible
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