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Henry VII domestic policy, improving royal finances - chapter 2 - Coggle…
Henry VII domestic policy, improving royal finances - chapter 2
crown lands
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beginning of reign - income dropped to £12,000 per year because the income from lands was collected and administered via the ineffective Court of Exchequer
around 1492, Henry reverted back to EIV's system of admin via the Chamber (the royal household not an admin department)
finances improved markedly and the income from land had increased to around £42,000 per year - partly achieved by Sir Thomas Lovell and Sir John Heron
other sources of revenue
customs revenue: tonnage and poundage had been granted for life by the first parliament, increase in annual revenue from £34,000 to £38,000
pensions from other powers: Treaty of Estaples 1492 - French agreed to pay a £5000 pension per annum
profits of justice: includes fines and income from bonds - bonds represented a potential rather than an actual asset eg. between 1504-07 a total of at least £200,000 was promised but not all was collected.
extraordinary revenue: received over £400,000 from it, raising all this revenue came at a price - provoked rebellions in 1489 and 1497. Had to promise parliament not to raise any more revenue via this in 1504. in 1489 when parliament granted him a subsidy of £75,000, the convocation of Canterbury offered £25,000 on behalf of the clergy
Henry left plate and jewels around £300,000 and £10,000 in cash
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