Henry VIIs Finances

define solvent

financially sound & without debt

define extraordinary revenue

income that came from the subjects’ obligation to help the king in times of need, parliamentary approval was needed to raise it

define treasury

held the king’s wealth in money & goods

define poundange

taxes on exports

define ordinary revenue

income that came in every year through crown lands ect without the need to obtain permission of parliament

define tunnage

taxes on imports

Henry aimed to use wealth to…

reward loyal service, bribe potential opponents & fund armies

Henry aimed to use wealth to … his dynasty

consolidate

Henry aimed to be able to finance…

his way out of trouble

Henry aimed to be financially separate from…

the nobles/subjects so he does not become dependant on them

Henry was limited as proposals to raise money would…

arise suspicion & provoke opposition

Henry was limited as he could not…

ask parliament for money

Henry was limited as kings swore…

at their coronation to live within their means & not go into debt

define finances

government/ royal spending & income

define economy

the country as a whole

what type of income was the crown lands

ordinary

what were the crown lands

lands held by the king through inheritance and confiscation

What was the income like for the crown lands

the amount of land was five times larger by the end of Henry’s reign than in the 1450s

the crown lands made up the…

largest part of the king’s income in 1509

how did Henry improve the income crown lands

increased the amount of land he had through Acts of Resumption 1486 by reclaiming land lost in war of the roses

what problems might the crown lands have caused

henry used the lands as a potential threat to control families - may have caused resentment

what type of income was fuedal dues

ordinary

what were ordinary feudal dues

traditional rights held by the crown to demand money

what was the income of ordinary feudal dues in 1487 at the beginning of Henry’s reign

£350 per annuum

what was the income of ordinary feudal dues in 1507 at the end of Henry’s reign

over £6000 per annum

how did Henry improve ordinary feudal dues

improved management of revenues & that criminal acts were punished through crimes rather than jail

what type of income were custom duties

ordinary

what were ordinary custom duties

paid on goods entering & leaving the country

what was the income of ordinary custom duties

rose from £33,000 at beginning of reign to £40,000 at end

how did Henry improve ordinary custom duties

tried to promote trade to maximise income

what type of income was legal dues

ordinary

what was ordinary legal dues

money from fines & other payments made by people appearing before the king’s court

what was the income of ordinary legal dues (attainders) with the example of Sir William Stanley

the attainder of Sir William Stanley 1495 brought in an immediate payment of £9,000 and £1,000 per year thereafter

how did Henry improve ordinary legal dues

increased the use of fines and attainders - the use of attainders was very regular

what were the main types of feudal dues payments that the king would demand from the nobility

relief, marriage, wardship, livery

what was the feudal due payment relief

paid by an heir when he received his inheritance

what was the feudal due payment marriage

the king’s right to arrange marriages of the daughters of tenants at a profit

what was the feudal due payment wardship

control the estates of heirs under adult age, which allowed the king to manage these lands for his own profit

what was the feudal due payment livery

payment made by a ward on reaching adulthood & taking control of his lands

what type of income was bonds & recognisances

extraordinary

what is bonds & recognisances

payments made as a guarantee of good behaviour & demanded from those whose loyalty was suspect

what was the income from extraordinary bonds & recognisances: in the first decade of his reign Henry collected….bonds

191

what was the income from extraordinary bonds & recognisances: receipts from bonds at the end of his reign in 1505 were…

£35,000

what was the income from extraordinary bonds & recognisances: of 62 noble families…

46 were at one time financially at his mercy

how did Henry improve extraordinary bonds & recognisances

used a special government court, the Council Learned, to enforce payments

what problems might extraordinary bonds & recognisances have caused

Suggest Henry’s main concern was to threaten financial ruin to maintain loyalty, rather than increase income

what type of income was loans and benevolences

extraordinary

what were extraordinary loans & benevolences

the king’s right to ask for financial help in times of emergencies

what was the income for extraordinary loans & benevolences

£203,000 was gained through loans throughout the reign

how did Henry improve extraordinary loans & benevolences

the council learned in law was used to enforce payments

what problems might extraordinary loans & benevolences cause

subjects who owed money to the king were more likely to support rival claims to the throne

feudal dues were both…

extraordinary and ordinary

what were extraordinary feudal dues

traditional rights held by the crown to demand money related to a single extraordinary occasion

what was the income from extraordinary feudal dues

Received £30,000 from Parliament in 1504 for the knighthood of Prince Arthur (who died in 1502)

how did Henry improve extraordinary feudal dues

increased demands from nobles

what type of income was clerical taxes

extraordinary

what were extraordinary clerical taxes

special taxes which the king could levy on the church

what was the income of extraordinary clerical taxes

received substantial sums from the church

how did Henry improve extraordinary clerical taxes

used his right to appoint leading churchmen to raise money by selling offices

what problems might extraordinary clerical taxes might have caused

the practice of simony was forbidden by the church

what type of income was parliamentary taxes

extraordinary

what was extraordinary parliamentary income

special grants of taxes by parliament to finance royal policies

what was the income of extraordinary parliamentary taxes

£30,000 awarded for each request

how did Henry improve extraordinary parliamentary taxes

Henry tried to form a direct taxation, not unlike income tax

what problems might have extraordinary parliamentary taxes caused

Direct taxation was widely resented & soon abandoned. Unpopular & triggered two rebellions

what type of income was the French pension

extrordinary

what was the French Pension

part of the treaty of Etaples (1492) a pension paid by the french king to remove English armies from french soil

what was the income of the French Pension

£159,000 to be paid in annual amounts of £5000