1) re0organise financial administration 2) exploit ordinary sources of income 3) increase income of extra-ordinary revenue
2 of 18
Why was increasing income a challenge for Henry VII?
People wouldn't like being forced to pay so would oppose EG Yorkshire and Cornish tax rebellions
3 of 18
Why was financial change needed?
Henry's first year, earnt £11,700, Richard's first year, earnt £27,000. Also needed loans for coronation and marriage
4 of 18
How did Henry VII change royal financial administration?
Faster, Chamber system ruled over the crown lands, feudal lands, profits from justice fines, French pension. Custom duties handles by Exchequer
5 of 18
How did Henry reorganise finances?
Ordinary revenue and Extra-ordinary revenue
6 of 18
What was ordinary reveue?
ordinary revenue: crown lands, custom duties, justice profits, feudal dues
7 of 18
How were crown lands used?
Act of Resumption, seized land from traitors, income from £22,000 to £44,000. Money earned through crown lands increased 5x by the end of Henry VII's reign.
8 of 18
How did Henry use custom duties?
NOT SUCCESSFUL, Edward IV made £70,000 per year, Henry only £40,000 per year
9 of 18
How did Henry use justice profits?
Used fines over imprisonment, EG Earl of Northumberland £70,000
10 of 18
How did Henry use feudal dues?
Exploited warship, livery and relief, income from £350/yr to £6000/yr
11 of 18
What was extra-ordinary revenue?
Not regularly raised, used in times of emergency: Parliamentary tax, loans, churches, feudal aid, French pension
12 of 18
How did Henry use Parliamentary taxation?
Never misused, could lead to rebellion. Raised to defeat Simnell and resist Scotland
13 of 18
How did Henry VII use loans?
During emergency, £203,000 during reign BUT must be repaid obviously. Used forced loans called benevolences (£48,000 BUT led to resentment)
14 of 18
How did Henry use churches?
Churches would contribute when parliament offered the king money EG £25,000 for French expedition. Sold church offices for £3000
15 of 18
How did Henry use feudal aid?
Was levied on special occasions such as a coronation or royal marriage
16 of 18
How did Henry use the French pension?
Part of the Treaty of Etaples, £5000 per year
17 of 18
What was the outcome of Henry VII's reorganisation of finances?
Accused of greed, maintained a lavish court, exploited authority, crown income to £113,000 per year, French crown made £800,000 per year
18 of 18
Other cards in this set
Card 2
Front
How would Henry VII achieve stronger finances?
Back
1) re0organise financial administration 2) exploit ordinary sources of income 3) increase income of extra-ordinary revenue
Card 3
Front
Why was increasing income a challenge for Henry VII?
Back
Card 4
Front
Why was financial change needed?
Back
Card 5
Front
How did Henry VII change royal financial administration?
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