HVIII in England and Europe (Domestic policies (Financial management)

Domestic policies

Financial management

Tax reform

Tax reforms=W's most significant and lasting achievements- The old system of fifteenths and tenths was inefficient as it raised insufficient income.

W aimed to replace these taxes with a directly- assessed subsidy- he was assisted by John Hales, a judge in the Court of Exchequer from 1522m who drafted the legislation required for assessment and collection. Together, W and Hales moved towards a system whereby taxpayers were assessed individually under oath by local officials who were to be supervised by centrally- appointed commissioners.
When Parliament granted a subsidy, every adult (except married women) had to be assesed, but only those adults whoses incomes exceeded a prescribed limited had to pay tax- the limited varied from subsidy to subsidy.

The reform of the tax system caused problems as many of the propertied classes, those hit hardest by the new assessments, not suprisingly resented the new subsidy assessments.
In 1523m Parliament voted subsidy at 4 shillings in the £ on goods and land, but eventually less that half the anticipated £800,000 was raised
Even worse, the subsidy was collected in instalments rather tha as the lump sum…