Henry VII royal finances

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What was the Exchequer?
The trad. office dealing w/ financial methods. Received income from royal property.
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Name two advantages of the Exchequer.
Accurate + familiar.
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Name two disadvantages of the Exchequer.
Not part of royal household, difficult to control its actions
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What was the Chamber?
Oversaw King's private expenditure
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Name two advantages that the Chamber had over the Exchequer
Used recievers + officials to get most profit from estates, faster
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Name three ways that royal finance developed under Henry VII.
Henry had supervisory role, auditing capacity improved (surveyors appointed), strengthened chamber personnel, e.g Reginald Bray
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How did feudal dues improve under Henry VII?
Used them to ensure good behaviour + benefitted from wardships in powerful families, e.g Earl of Northumberland's death
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What were customs duties?
Paid on goods entering/leaving the country
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What was tunnage and poundage?
Taxes on exports and imports, respectively
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How did Henry VII improve the use of customs duties?
Introduced certificates for coastal trade
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What were legal dues?
Money from payments by people appearing before the King's court
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What were loans and benevolences?
King's right to ask for financial help in emergencies.
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What Council was used to enforce these payments?
The Council Learned in the Law
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What were clerical taxes?
Taxes which the King could levy on the Church
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Why were clerical taxes important?
The clergy were exempt from paying taxes to parliament, so they were the only way of securing money from the Churc
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What were parliamentary taxes?
Taxes by parliament to finance royal policies, eg military action
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How were parliamentary taxes paid?
Taxes on movable property - "fifteenths and tenths"
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Why were parliamentary taxes avoided?
Often unpopular, triggered two rebellions (1489 Yorkshire, 1497 Cornwall)
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Other cards in this set

Card 2

Front

Name two advantages of the Exchequer.

Back

Accurate + familiar.

Card 3

Front

Name two disadvantages of the Exchequer.

Back

Preview of the front of card 3

Card 4

Front

What was the Chamber?

Back

Preview of the front of card 4

Card 5

Front

Name two advantages that the Chamber had over the Exchequer

Back

Preview of the front of card 5
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