henry 7th finances

• what were henrys finances at the start of his reign

  very poor, exchequer system, high levels of corruption, only £12,000 per year coming in
• what was the first method

  crown lands - more the land a person owned the more wealth and status they had henry 7th tried to gather and reclaim as much land as possible
• what was the evidence for the crown lands

  escheats - if a landowner died without heirs the land went to henryh

  act of resumption 1486- the crown recovered property given away since 1455.

  his income went from 29,000 to 42,000 in 1509
• what were custom duties and evidence

  putting tax on good coming in and out of the country

  • 1/3 of the crown residence
  • 1487 merchants involved in coastal trading had to show certificates
  • reduced privileges of foreign traders such as not paying tax
  • updated the book of rates
  • £33,00 for the first 10 years £40,000 after
• what were fuedal dues and fuedal obligations and its evidence

  anyone who lived on henrys lands owed him tax included wardships

  • in 1487 revenue raised fro wardships and marriages was low only £350.
  • £1500 in 1494
  • increased to £6000 in 1503
• what is the profits of the justice

  legal fines if you were found guilty you must pay a fine

  • sir william stanley paid £9000
  • act of attainer henry passed 138 and reversed 46
• what is extraordinary revenue and parlimentry geant

  money which came to the crown on particular so there was no regularity of receiving it . Henry requested support for 1487- battlle of stokefield, 1489 war against france, 1496 against scotland
• what are loans and benevolances and its evidence

  loans- turning to his landholding subjects for extra finances. Benevolences are forced loans that werent paid back.

  loans tend to ask for modest sums of £10,000.

  benevolences - 1491 raised to £48,000 to fund against france
• what are clerical taxes and evidence

  money raised from taxes in the churc. the churches own version of parliment.

  henry raised money from simony charged £300 for the archdeacronry of buckingham
• what is the french pension and evidence

  as part of the treaty of etaples henry promsed financial compensation if he removed his army from france.

  henry promised £159,00 to cover costs and £5000 to be paid
• what are the bonds and recognisances and evidence

  subjects paying a fine or sum of money for the crown as a gaurentee of their future good behaviour

  after bodsworth viscount and westmorland had to pay fines of £10,000

  191 bonds collected eventually up to 200

  £3000 in 1493 and £35,000 in 1505

  62 noble families
• what was the conflict in finances

  henry was very tight fisted with money however he left a lot of money to inherit
• what was the statue of uses and when

  1489- stopped any loopholes. prevented landed property from being turned into trusts
• what is the royal perogative

  1504- parliment granted fuedal aid. Crown could impose tax on tennants for: knighting of eldest son, marriage of eldest daughter, ransom a lord, death of a fueldal tennant