Year 12: Crown Finance Flashcards
What was ORDINARY FINANCE?
The revenue streams all Kings had a right to including:
Rents from Crown Lands
Customs Duties (taxes from imports and exports)
Feudal Dues: Traditional rights of the King to demand money
Legal Dues: Fines and Acts of Attainder etc
What was EXTRAORDINARY FINANCE?
Types of finance which the King had access to or could request in times of need. This was generally called for during times of war. Kings would have to be careful how often they requested extraordinary finance as it was very unpopular and could lead to rebellion- especially if the King was demanding money in times of hardship:
These included:
Bonds and Recognisances: Payments made as a guarantee of good behaviour
Loans and Benevolences: The King had a right to ask for loans from his nobility if he needed for emergencies- often they would not be repaid by the King. Benevolences were forced gifts that the King could demand from the nobles
Clerical Tax: Special tax which the King could levy on the Church
Parliamentary Taxes: The King could request money from parliament- often they would grant these extra taxes
What was the Act of Resumption?
An Act passed in 1486 quickly after Henry VII became King to reclaim crown lands that had been granted away during the Wars of the Roses- however, he did not always collect them- he often used the threat of removing the lands as a way of keeping ex-Yorkists in check
Who administered Crown Lands on behalf of Henry VII?
Sir Reginald Bray developed the systems of administering the Crown Lands on behalf of Henry. Henry was less inclined to grant lands to his supporters as he would rather hold onto them to maximise his influence and income from leases and rents
What was the main type of customs duties? (import/export tax)
Mainly this came from Tonnage (tax on exports) and poundage (tax on imports) particularly on the sale of wine and wool
How much did Henry VII manage to increase customs duties by?
Customs duties rose from £33,000 per year to £40,000 per year
Give an example of a warship which Henry VII profited from
Earl of Northumberland was killed during the Yorkshire rebellion leaving a ten year old son and heir- this massively benefitted Henry financially as he managed Northumberland until the child was old enough
How did Henry VII improve the administration of wardships?
He appoints a “Master of the Kings Wards” (Sir John Hussey) in 1503 to manage Wardships
Which Council did Henry VII create to collect Bonds and Recognisances?
Council Learned in Law
When did Henry VII ask for many Loans and Benevolences?
In 1491, £48,000 was raised for the war in Brittany via this method
How did Henry VIII show that he did not want to follow the same financial strategies as his father?
He executed Empson and Duldey- the two lawyers who ran the Council Learned in Law and who were blamed for Henry VII’s unpopular methods
How did the Reformation help restore Henry VIII’s crown finances?
He redirected Church tax like the Annates and Peter’s Pence into his own coffers rather than to the Pope.
He also doubled the Crown Lands as he obtained all the lands belonging to Catholic Churches and Monasteries. After the King, the Church had been the biggest landowner
How/why did Henry VIII squander the surplus he inherited from his father?
War with France- his 3 French campaigned in total cost him over £3,500,000
Excessive spending- he was very generous with his gifts and in his general lifestyle
How much did England manage to make from the French Pension
£730,379
The French pension began in 1475- before the Tudors
But Henry VII negotiated for an increase in payments following the Brittany crisis
Henry VIII also negotiated for an increase in return for the return of Tournai and Therouanne
Even so- the repayments did not recoup the amount Henry VIII had spent on the French wars
How did Henry VIII manage to afford a third French campaign?
The money raised from the Reformation- selling his new Crown Lands and the Church Taxes
