HVII FINANCES Flashcards
WHAT is relief?
A tax paid upon inheriting land
WHAT is wardship?
Control of the lands and revenues of underage heirs
WHAT is livery?
Paid by wards when they took control of their land
HOW MUCH was Henry VII earning from wardships by 1507?
£6,000 per year
WHAT were customs duties? (2 key words)
Taxes paid on goods entering or leaving the country.
Tonnage - taxes on exports
Poundage - taxes on imports
WHAT did the Court of Audit do?
Monitor wider government spending
WHY did Henry VII use the Chamber/Privy Chamber system more than that of the Exchequer?
They were more efficient and less people were involved, meaning he had more control over them.
NAME 5 types of extraordinary revenue.
1) Bonds and recognisances
2) Loans and benevolence
3) Feudal dues for specific occasions (e.g. when one of his sons was knighted or his daughters married)
4) Clerical taxes (usually as a voluntary ‘gift’)
5) Parliamentary taxes for specific needs (e.g. war)
WHAT is an extreme example of Henry VII chasing feudal dues?
He received £30,000 from Parliament in 1504 for the knighthood of Prince Arthur when Arthur had died in 1502!
HOW MUCH is it believed that Henry VII left to his son upon his death?
Around £300,000
By HOW MUCH had Henry VII increased income from Crown lands by the end of his reign?
He increased income from Crown lands (rents) by about £30,000 per year.
* 1485: £12,000 per year
* 1509: £42,000 per year
In WHAT ways was Henry VII’s financial policy unsuccessful?
- It made him very unpopular, and badly affected landowners who he relied on for the stability of his position and country
- Taxation caused rebellion in 1489 and 1497
- Weakened government, creating divides due to the unpopularity of councillors like Empson and Dudley.
