Henry VII's Financial Policy

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  • Henry VII's Financial Policy
    • Ordinary Revenue
      • Crown Lands: not inclined to grant crown lands to friends and family - maximized his own income and power. Annual = £29,000 in 1485 - £42,000 in 1509.
      • Feudal dues: exploited to gain control over the nobility - annual = £350 in 1487 - £6,000 in 1507.
      • Custom Duties (Tonnage and Poundage): Trade promoted to increase crown's earnings, Edward IV's Book of Rates developed (charges on exports and imports). Annual = £33,000 1485 - £40,000 1509
      • Legal dues: Henry ensured most criminal acts were punished by fines rather than imprisonment e.g. Sir William Stanley's attainder 1495 brought in £9,000 then £1,000 every subsequent year.
    • Extraordinary Revenue
      • Bonds and Recognisances: Used for financial gain and control over the nobility. Council Learned was primarily used to enforce payments. Annual = £3,000 in 1493 - £35,000 in 1505.
      • Loans and Benevolence ('voluntary' payments): Enforced by council learned e.g. raised £48,000 in 1491 for war in Brittany.
      • One off Feudal Dues: received £30,000 from Parliament 1504 for knighthood of Prince Arthur.
      • Clerical Taxes: Henry 'sold' offices e.g. raised £300 for Archdeacon of Buckingham. Banned but widely practiced.
      • Parliamentary Taxes: Raised on movable property. Avoided due to unpopularity (lead to Cornish and Yorkshire rebellion).

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