Henry VII | Finances Flashcards
(9 cards)
What were Henrys main sources of income ?
-The Crown lands
-Exercise of the royal prerogative
-Customs revenue
-Pensions from other powers
-Profits of justice
-Extraordinary revenue
How did Henry gain money through the crown lands ?
On average, how much did Henry make through the crown lands, per year ?
-Henry was the largest landowner in England
-Rental income from his property was significant for crown’s ordinary revenue and provided a regular income
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£42,000
How did Henry gain money through exercising his Royal prerogative ?
How did these work ?
-Wardship
-Statute of Uses
-Feudal Aid
Wardship, enabled the Crown to gain the profits from a property which was held by a minor, until they were of age, raising finances through land. Also the Statute of Uses, was a law passed to to prevent a deceased person’s estate from being turned into trust which, avoided inheritance tax, which amended the loop hole from the “Prerogativa Regis”. And Feudal Aid, was the the right of the Crown to impose a tax on tenants for the knighting of the eldest son, the marriage of the eldest daughter or to ransom a lord - meaning the crown could be paid for a service by the nobility.
How did Henry gain money through customs revenue ?
How did this work ?
How much did this change Henrys customs income ?
Tonnage and Poundage
Due to the granting of tonnage and poundage for life, Henry gained through additional taxation on both imports and exports.
Revenue increased from £34,000 to £38,000.
How did Henry gain money through pensions from other powers ?
How did this work ?
Treaty of Etaples (1492)
The French agreed to pay Henry a pension of £5000 a year, following Henrys invasion, to make amends for military spending.
How did Henry gain money through the Profits of Justice ?
How did this work ?
-Henrys income from the legal system
The income from fines which were given in the courts y means of punishment were forfeited to the crown, and the fees for legal documents, were also given to the crown. This means all penalties and funds from legal proceedings contributed to the crown’s income. This may also be coupled with the income from bonds and recognisances.
How did Henry gain money through extraordinary revenue ?
How did this work ?
Why did this eventually fail, however?
Funds raised by emergency taxation through parliament.
In a state of emergency, such as war or invasion, Henry could demand extarordinary revenue, which was a tax imposed on mainly nobles and merchants, in order to raise such emergency funds for war.
Thiss eventaully failed, as it was very unpopulat amongst the population, which led to rebellion in 1489 and 1497. In the end in 1504, Henry had to promise to parliament to no longer request extraordinary revenue.
By the end of his reign, what was Henrys annual income ?
How does this compare to King Louis XII of France ?
What does this show ?
Around £113,000
The king of France at this time, had an annual income of £800,000
Although Henry had managed his finances well and recovered the situation following the War of the Roses, Engalnds crown was still significantly poorer compared to other European powers.
What was Henry VIIs inheritance ?
He left plate and jewels worth approximately £300,000 aswell as £10,000 in cash.
