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The Tudors > royal finance > Flashcards

royal finance Flashcards

1
Q

What were the 2 ways in which Henry raised funds ?

A

1) ordinary revenue

2) extraordinary revenue

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2
Q

What was ordinary revenue ?

A

This was revenue raised through the usual means and did not require permission from parliament.

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3
Q

What was extraordinary revenue ?

A

This was revenue raised in the events of emergencies such as war and needed Parliament’s approval to use such methods.

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4
Q

Give 4 examples of ordinary revenue under Henry.

A

1) Crown Lands
2) customs duties
3) feudal dues
4) Profits of Justice

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5
Q

What 2 ways were Crown Lands acquired by Henry VII ?

A

1) by inheritance

2) confiscation from traitors

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6
Q

How did Henry raise ordinary revenue through the use of crown lands ?

A

rental income

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7
Q

What were Henry’s crown land profits like at the start of his reign ?

A

around £3,000 per annum

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8
Q

What act was passed by Parliament in order to regain lost crown lands to increase royal income ?

A

The Act of Resumption

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9
Q

When was the Act of Resumption ?

A

1486

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10
Q

What did the Act of Resumption (1486) do ?

A

It enabled the King to recover all royal lands that had been lost since 1455

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11
Q

When was the second act of Resumption passed by Parliament ?

A

1487

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12
Q

What method did Henry use to acquire Crown lands through confiscation of traitors ?

A

Acts of attainder

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13
Q

What did an act of attainder do ?

A

Declared a landowner guilty of rebelling against the monarch. This meant that lands could be confiscated from such nobles as a punishment.

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14
Q

How many people were subject to acts of attainder under Henry ?

A

138

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15
Q

Give one way in which Henry made the management of Crown Lands more efficient

A

He gave control to surveyors and auditors

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16
Q

By 1508, what had Henry’s ordinary revenue from Crown lands increased to ?

A

Increased from around £3000 per annum in the early part of his reign to £42,000 by 1508

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17
Q

How did Henry increase ordinary revenue through the use of feudal dues ?

A

He did this through the use of feudal rights and the royal prerogative.

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18
Q

Give 2 ways in which Henry raised revenue from feudal dues.

A

1) Wardship

2) livery

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19
Q

What was Wardship ?

A

Part of the feudal system which allowed the crown to generate profit from property of an heir.

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20
Q

What was feudal aid ?

A

A fine paid to recover lands from wardship

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21
Q

How does Henry’s revenue from Wardship compare in 1487 and 1507 ?

A

in 1487, Wardships provided Henry with just £350, however, by 1507, Wardships were earning Henry £6,000 a year.

22
Q

Where did the majority of the customs revenue that Henry made come from (what source) ?

A

from the use of tonnage and poundage

23
Q

What is tonnage and poundage ?

A

A right for the crown to raise revenue raised from imports and exports of goods

24
Q

The right to raise revenue through tonnage and poundage was granted to Henry for ___ by his first parliament (1485).

A

life

25
Q

How does the revenue that Henry earned between 1485 and 1509 in customs duty income differ ?

A

1485 - £33,000/ year

1509 - £40,000/ year

26
Q

What was the greatest obstacle Henry faced regarding custom duties ?

A

smuggling

27
Q

How did Henry raise ordinary revenue from the judiciary ?

A

Henry earned revenue from fees for royal writs and letters in which no court action could start without.

28
Q

Give 6 sources of extraordinary revenue for Henry.

A

1) Parliamentary grants
2) Loans and benevolences
3) Clerical taxes
4) Feudal obligations
5) French pension
6) Bonds and Recognizances

29
Q

What were Parliamentary grants ?

A

taxes used to help the King when national interest was threatened

30
Q

Give 2 examples of when henry asked Parliament for a Parliamentary grants. (which taxes on the people would pay for)

A

1) He asked Parliament for a grant in 1487 to finance the Battle of Stoke

2) Tried to introduce a form of income tax to raise £100,000 to be granted by Parliament

31
Q

What were loans and benevolences ?

A

loans = small amounts of money paid to the King by wealthy nobles which were paid back

benevolences = these were forced loans which were not paid back

32
Q

Give an example of a time when Benevolences can be seen to be used under Henry.

A

In 1491, Henry appealed for money for a war with France. Through the use of benevolences, the appeal raised roughly £50,000.

33
Q

Give two forms of clerical ‘taxes’ that Henry used to raise extraordinary revenue.

A

1) simony

2) vacant bishoprics (areas where a bishop is responsible for)

34
Q

What was simony ?

A

The selling of church positions to raise money. (It was a form of a clerical ‘tax’.

35
Q

How did Henry use vacant bishoprics (areas where a bishop is responsible for) to raise extraordinary revenue ?

A

Henry would not immediately appoint a bishop when a bishopric fell empty as he could pocket the money raised in that bishopric whilst it was empty.

36
Q

By the end of his reign, how much was the practice of not replacing an empty bishopric with a new bishop earning Henry in extraordinary revenue per year ?

A

£6000

36
Q

Give one way Henry could raise extraordinary revenue through the use of feudal obligations

A

Henry could raise money on occasions such as the knighting of Prince Arthur or the marriage of Margaret to James IV by levying a due.

37
Q

How much did Henry make of the feudal obligation of issuing a levy on the knighting of Prince Arthur ?

A

In 1504, Henry received £30,000 from the knighting of his son, Prince Arthur who had been knighted 15 years earlier.

38
Q

What treaty was the French pension a part of ?

A

The Treaty of Etaples - 1492

39
Q

What was the purpose of France giving a pension to Henry ?

A

It was a payment to remove English troops from French soil.

40
Q

How much was Henry given per year as part of the French pension ?

A

50,000 crowns per year

41
Q

How much did the raising of extraordinary revenue earn Henry during his reign ?

A

Altogether, during his reign: £400,000

42
Q

How much did Henry leave to Henry VIII ?

A

£1.8 million

43
Q

What has Henry been described as in terms of how he operated royal finance and how much money he left to Henry VIII ?

A

“The best businessman ever to sit upon the English throne”

44
Q

How much did Henry leave Henry VIII worth of plates and jewels ?

A

£300,000

45
Q

What system did Henry initially use to manage royal finances ?

A

exchequer system

46
Q

Why did Henry revert back to the Chamber system for managing royal finances from the Exchequer system ?

A

This is because he wanted to modernise the way royal income was collected and restore the chamber to its former position as the most important institution of financial administration.

47
Q

When did Henry switch from the Exchequer system to the Chamber system ?

A

1487

48
Q

How much was the Chamber system turning over for Henry per year by the late 1490s ?

A

£100,000 per year

49
Q

What was one of Henry’s favourite expenditures that was shared by his son ?

A

the buying of tapestries (a visual art form)

50
Q

How much did Henry spend on a leopard for the Tower ?

A

£13

51
Q

Give 2 examples of Henry lending money to foreign powers.

A

1) 1505 - £138,000 to Philip of Burgundy

2) 1505 - 1509 - between £226,000 & £342,000 to Emperor Maximilian

(Neither of these loans were repaid)

The Tudors (10 decks)

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