James IV of Scotland and Margaret Tudor, Henry VII's daughter, were married in Edinburgh in August 1503. The match had been negotiated by Margaret's father in an attempt to secure England's northern border. In the image, Margaret is formally identified by Henry VII's English arms on her skirt.
The Scottish 'auld alliance' with France meant that, for England, peace with Scotland was dependent on good relations with the French monarch. The Anglo-French Treaty of Étaples (1492) permitted a rapprochement between James IV and Henry VII, which eventually led to the marriage. Although Margaret's influence within Scotland was strong, she could not prevent her brother Henry VIII resuming full-scale war in 1513.
The descendants of this marriage retained claims to both crowns, and in 1603, Margaret's great-grandson James VI became James I of England.
Reference: National Library of Scotland MS, Seaton Armorial, Acc. 9309, f. 18 (date: early 17th century) By kind permission of Sir Francis Ogilvy.