Henry VII Improving Royal Finances Flashcards
What were some of the sources of royal income?
Crown lands
Extraordinary revenue
Pensions from other powers
What was a very important part of the crowns ordinary revenue?
The rental income from Henry’s property
Where had Henry’s reign income dropped to at the beginning of his reign?
About £12000 per year
What caused Henry’s reign income to drop at the start of his reign?
The income from lands was collected and administered through the inefficient court of exchequer
What system of administration did Henry revert to in 1492?
Edwards system of administration through the chamber where policies were formulated and decisions made
What happened to income from land after Henry reverted to Edwards system of administration?
Increased to £42000 per year
In what way was the pursuit of the kings feudal rights tightened?
Increased profits from ward ship
Parliament granted a feudal aid in 1504
Obligations payable on the death of a feudal tenant in chief
How was customs revenue used?
Tonnage and poundage had been granted for life by Henry’s first parliament
How were pensions from other powers used?
Treaty of etaples in 1492: French paid Henry £5000 per annum
How was profits of justice used?
Included fines and income from bonds
How was extraordinary revenue used?
Henry got over £400,000 from extraordinary taxation
Raising this revenue provoked rebellions in 1489 and 1497
In 1504 Henry had to promise parliament not to raise any more money by this method
How were landowners victims of Henry’s policies?
Statute of uses of 1489: prevented avoiding paying tax on a dead persons estate
