Finance and Subsidys

• Ordinary Revenue

  • Rent from Sale of Crown Lands
  • Feudal dues eg wardships
  • Customs Duties eg Tonnage and Poundage
  • Legal Dues
• Extraordinary Revenue

  • Bonds recognisances
  • Loans
  • Feudal dues, HVII’s knighting of arthur brought gifts from nobles
  • Clerical taxes, levied on the clergy HVII raises £300 selling Archdeacon of Buckingham
  • Parliamentary Taxes, fifteenths and tenths
• Who Primarily used Bonds and Recognisances?

  • Henry VII
  • Elizabeth I
• Fifteenths and Tenths

  • Levied on communities rather than individuals
  • Since 1334 amounts paid by communities had been fixed
  • Boroughs expected to pay 1/10 of the value of their movables
  • Countryside 1/15 of the value of their “movables”
• The 1513 Subsidy

  • War in Scotland and France abolishes surplus finance
  • 1522 Wolsey organised a national survey to assess who could pay tax and how much
  • 1525 “Amicable Grant” is introduced, A declaration not through parliament,
  • Rebellions are unsighted, and the Grant is not collected
  • Foreign Policy disrupted trade, Wolsey begins to debase coins
• What does the 1513 Subsidy introduce?

  • Drafted by Wolsey
  • Flexibility, Individuals are assessed on their income by their ability to pay and the value of their moveables
  • Tax was only paid within the wealthiest category of their wealth
  • Nobles pay by their rank, Higher the rank the higher pay
  • JP’s Mainly enacted assessments
• The success of the 1513 Subsidy

  • Between 1513 and 1523 Wolsey raised £322,099
  • Was not sustained, only lasted until the 1534 subsidy
• The 1534 Subsidy

  • Undermined the 1513 Subsidy
  • Cromwell asks for a subsidy for government in peacetime
  • Incites the Pilgrimage of Grace
• Subsidy’s by Elizabeths reign

  • £140,000 yielded a year
  • By the end of her reign, Yielded only £80,000
  • The Subsidy was no longer reviewed regularly