Finance

• The Subsidy: Wolsey developed the subsidy. Edward IV and Henry VII had raised this new parliamentary tax, rather unsuccessfully.
• The main parliamentary tax, the Fifteenths and Tenths gave a fixed yield and was seen as unfair.
• The subsidy was based on income not property. Wolsey used the subsidy in 1513 and 1523 when the king needed money for war against France.
• Parliament of 1523 saw serious arguments about levels of taxation needed to pay for war against France.
• Certainly Wolsey received less than he hoped for but unfair to see him as bad parliamentary manager.
• Parliament had already been asked for higher than usual rates of taxation to pay for Henry's active foreign policy and war.
• Forced Loans - A traditional extraordinary tax. Wolsey raised one in 1522-3 and launched a major inquiry into England’s financial and military capacity.
• The Amicable Grant 1525 was a second forced loan demanded when the forced loan of 1523 was still being collected.
• In the face of popular disturbances, especially in East Anglia, the king withdrew the tax and blamed Wolsey for imposing it.