Henry VII: Finance

• Income at start of reign: £12,000
• Crown Lands returned - Earldoms of Richmond, March and Warwick, Principality of Wales and Duchy of Lancaster. Annual income raised to £29,000 a year, £42,000 by 1509
• Feudal Dues and Wardship

  Relief paid to receive inheritance

  Wards - running of Minors' Estates until they came of age

  Custom duties - Tunnage (Imports) and Poundage (Exports)

  Annual income rose from £33,000 to £40,000
• Bonds and Recognisances - receipts rose from £3,000 in 1493 to £35,000 in 1505
• 15th and 10th Gross yield £29,000-£31,000
• Clerical Taxes - £9,000 per Parliamentary subsidy

  Church also gave gifts, including £25,000 for war with France
• Treaty of Etaples 1492 - Annual pension from France of £159,000 in the form of £5,000 a year
• £30,000 for Arthur's knighthood
• £48,000 loan including £9,000 from London for war with Brittany
• Henry used chamber system to exert personal control over royal finances