Finance

• who did Henry inherit good finances from

  Edward IV and Richard III
• during rich's reign, how much money was brought in by royal estates

  £25,000 per annum
• how did Henry reverse his good inherited finances

  he reverted back to the Exchequer
• how much did royal estates bring in in 1486

  £11,700
• what did Henry have to get loans to pay for

  - coronation

  - marriage

  - progress to the north

  - suppression of rebellions
• what did henry not have enough money to pay for

  feast of St George, 1487
• when did Henry revert to the Chamber

  1487
• surveyor of the King's Wards

  established to investigate cases of money owed to him from wardships
• court of audit


  established to monitor gov spending
• Exchequer


  very slow, governed by officials
• functions of the exchequer

  to receive and pay out money

  to audit accounts (could take yrs)
• Chamber


  in royal household

  under direct supervision of king

  accessed at all times

  henry chose those who governed it

  ready supply of cash

  flexible (relatively new institution so had no operating processes set in stone)
• income from land increased to what per annum by the end of his reign

  £42,000
• effective treasurers of the chamber

  sir Thomas Lovell

  sir john heron
• privy chamber took over the Kings ... finances


  personal
• crown lands


  held by king through inheritance or confiscation from traitors
• act of resumption


  1486, recovered all crown properties granted away since 1455 (start of WofR)
• 1495 Act of Parliament


  gave all of Rich III's land to H7
• 3 ways Henry increased crown lands

  from attainders

  1486 Resumption Act

  1495 act of parliament
• crown land was ... times larger by the end of reign than in 1450s

  5
• why were crown lands important for finance

  Henry could now tax all land
• customs duties


  taxes levied on foreign imported goods
• what were customs duties used for

  to pay for English defences (Calais Garrison)
• prerogative duties


  on exports of wool, leather, cloth and some imports
• tonnage and poundage


  The right to raise revenue from wine (tonnage) imports and exports.
• when was tonnage and poundage granted for life

  1485
• poundage increased from what to what in annual revenue

  £34,000 to £38,000
• customs duties accounted for what proportion of the King's income by 1509

  1/3
• how many times did Henry update the book of rates

  2
• new book of rates in what yr did what

  1509, took inflation into account
• profits of justice


  fees paid for royal writs and letters (no court action could start without them)
• explanation of profits of justice

  showed how cunning and eager Henry was to build up his finances, raised money from the most minute things
• how much was promised in bonds in 1504-07

  £200,000
• extraordinary revenue


  Money raised by the king from additional sources as one-off payments when he faced an emergency
• total gained from extraordinary taxation

  £400,000
• parliamentary grants


  special grants of tax by parliament to finance military action
• what did parliamentary tax usually take the form of

  fifteenths and tenths
• how much was usually agreed for parliamentary grants

  £30,000
• parliamentary grant, 1487


  battle of stoke
• parliamentary grant 1489


  war with france, subsidy of £75,000