Henry VII's Royal Finances

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How much was the annual income from royal lands?
£12000 in 1485 and increased to £40000 by 1509. He had the largest amount of land owned since William the Conqueror.
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When Prince Arthur died what happened to his royal lands?
They reverted back to the crown in 1502 which brought in an extra £6000.
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How did royal lands increase?
Acts of attainders (138 were passed), Jasper and Arthur's deaths (inheritance), lands from those of the Yorlist family or supporters, exploiting rents and reversion.
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What were feudal dues?
A compulsory payment lower estates make to higher estates.
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What is wardship?
The king's duty to care for the underage children of dead tenants and look after their land until they were of age to fulfil his duties as vassal in return for use of land
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How did Henry exploit his feudal rights?
From December 1486 Henry sorted and checked tenancy agreements to ensure that as many landholdings as possible were held directly from him so all feudal obligations were due to him and no other lord. In 1503 created Master of the Wards.
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What position did Henry Create in 1508 and what did it do?
Surveyor of the Kings Prerogative who had to discover when the kings rights had been infringed. It formalised what Henry and his legal team had been doing for years.
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What were bonds and recognisances?
A bond was a written commitment to perform a specific action and to pay a sum of money if the action isn't performed, a recognisance was a formal acknowledgement of the obligation. This meant large sums of money were held by the king.
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Why were bonds and recognisances often crippling?
As the king held such a large amount of money to ensure good behaviour it was hard for the nobles to support their lifestyle and if he went against the government the King would be the rightful owner to the money.
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What was an Attainder?
Declaring someone as a traitor often by act of parliament, the King could seize all of the land the family own. It was a very quick process meaning that the traitor would hardly have time to argue their case.
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How many acts of attainder were passed during Henry's reign?
138 acts were passed.
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What is tunnage and poundage?
It was the kings right to collect taxes on all goods imported to England or exported from England and was traditionally granted to a new king by parliament. Richard III was the first king to be granted it for life. Henry VII was also granted it.
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what was the income from Tunnage and Poundage?
In the first 10 years it brought in on average £33,000 a year but for the remainder of his reign was £40,000.
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How big was Henry's french pension?
£160,000.
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How did Henry exploit the sales of offices?
Sold the office of Chief Justice of the common please for £330. John Yonge paid £1000 for Master of the scrolls. Auction for speaker of the house in the Houses of Commons.
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How much aid did parliament offer Henry in 1504?
£30,000
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How many parliamentary grants did Henry receive during his reign?
* were granted. 3 in 1491 for the invasion of france, two for the invasion of Scotland in 1497.
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How many subsidies were voted on during his reign?
Six but they were not always straightforward.
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What was a subsidy?
Subsidy is a form of aid (financial) given to remove some kind of burden. Henry asked for one to pay for archers to defend Brittany.
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Other cards in this set

Card 2

Front

When Prince Arthur died what happened to his royal lands?

Back

They reverted back to the crown in 1502 which brought in an extra £6000.

Card 3

Front

How did royal lands increase?

Back

Preview of the front of card 3

Card 4

Front

What were feudal dues?

Back

Preview of the front of card 4

Card 5

Front

What is wardship?

Back

Preview of the front of card 5
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