Royal Finance Flashcards
What were Henry VII finacial aims?
To achieve solvency
Use his wealth to reward foreign service
Bribe opponents
Fund armies
Consolidate his dynasty - provide his herir with resources to retain the throne
What were the sources of ordinary revenue?
- Crown lands - Principality of Wales, Earldoms of Richmond, Duchy of Lancaster, March and Warwick. Income increasd from £29,000 in 1485 to £42,000 in 1509
Custom duties provided a third of revenue - Receipts increased from £33,000 to £40,000
Feudal dues in 1487 the proceeds were £350 from wardship and marriage nut it increased in 1507 to £6,000
Profits of justice. Henry ensured that most criminal acts including treason were punished by fines.
What were the sources of extraordinary revenue
Money that cam into the crown for occassionsand with no regularity
6 sources
1. Bonds - subjects paid money to the crown to guarntee their good behaviour. Recepits rose from £3000in 1493 to £35,000 in 1505
2 Clerical taxes - such as £25,000 towards the cost of the French campaign of 1491
3. Feudal obligations - to demand payments such as distraint of knighthood or the money for the marriage of his eldest daughter
4. The French pension in the Treaty of Etaples the King of France promised to pay Henry £159,000 in annual installments of 5K
5. He made requests to his subkects for loans
6 Parliamentary grants - taxes on movable property called fifteenths and tenths, THis paid for the battle of Stoke
when did the crown’s income fall at the start of Henry’s reign?
Dropped to 12k per year as he collected money through the inefficient Court of Exchequer - shows Henrys inexperience
In 1492 Henry reverted to Edward’s system of admin through the Chamber and income from land increased to 42K especially due to effective treasurers Sir Thomas Lovell and Sir John Heron
How did Henry profit from feudal dues?
Court lawyers looked through old texts for money making opportunities. They discovered that a payment had to made on the death of a feaudal tenant. Landowners disliked paying this
How did Henry benefit from customs revenue tonnage and poundage?
1st parliament granted Henry this for life. Revenue from the source increased from 34 to 38K
How did H benefit from pensions?
At the treaty of Etaples H got the French King to agree to pay him a pension of 5k per year for life
What were the profits of justice?
Fines and income from bonds. Between 1504 and 1507 200k was promised to H though not all was collected.
Henry raised over £400,000 from extraordinary revenue such as taxes. What problems did this create?
Provoked the rebellions of 1489 and 1497
How much money did Henry leave on his death?
Plate and jewls worth £300,000
£10,000 in cash
