Henry VII- royal finances

Question 1

What were the sources of revenue for Henry

Answer 1

Ordinary- Crown lands, feudal dues, customs revenue, justice
Extraordinary- Parliamentary taxation
Other- Pensions from European powers

Question 2

OR- Crown lands

Answer 2

Profit was £12k at start of his reign- this was due to his inexperience and inefficient court of exchequer.
1486 Act of Resumption restored crown lands, lands taken from those who attained, moving to more efficient chamber administration.
Profit was £42k in 1492

Question 3

OR-Customs

Answer 3

Tonnage and poundage (taxes on imports and exports,), right granted to Henry for life.
£34k to £36k- less successful than Edward IV’s 70k per annum, due to smuggling and international relations influencing trade.

Question 4

OR-feudal dues

Answer 4

Wardship and feudal aid granted by Parliament in 1504.
FEUDAL AID used- was a tax imposed on tenants for granting their eldest son knighthood
Rose dramatically- £350 in 1487 to £6000 in 1507.

Question 5

OR- Foreign pensions

Answer 5

Treaty of Etaples- £5k per annum from france

Question 6

Extraordinary revenue

Answer 6

Parliamentary taxation
One off tax by parliament for emergency purposes, such as conflict. least popular form of revenue, caused cornish and yorkshire risings
Loans and benevolences raised £48k for Brittany war in 1491
Raised money through church to fund occasions such as the knighthood of his son
Raised £400k during Henry’s reign

Question 7

Overall

Answer 7

Henry managed to gain a substantial sum of money by the end of 1509- including £300k worth of plate and jewels.
Purpose was to secure dynasty and give his heir maximum wealth.
It WAS substantial, however not as much as other European powers and likely exaggerated by historians at the time.

Question 8

Exam qus

Answer 8

How serious was the opposition to Henry VII’s financial policies? (think Y and C rebellions)
Henry VII’s financial policy was a great success HFDYA?