The Tax on Your Salary - 2011-12. On January 9th 1799 the Prime Minister, William Pitt, introduced income tax to pay for the Napoleonic war at the swingeing rate of 0.83% for people earning Â£60 or more.
Basically, an ARM is a mortgage loan that has an interest rate that adjusts, or changes, usually once a year. The benefit of an ARM is that it generally gives you a lower interest rate initially. The risk is that the interest rate most likely will go up, which in turn will make your monthly payments rise.
With a 5/1 ARM, the interest rate does not begin changing based on the index immediately. Instead, the interest rate on a 5 year ARM is fixed for the first five years of the loan.ecause the interest rate can change after the first five years, the monthly payment may also change. A 5 year ARM, also known as a 5/1 ARM, is a hybrid mortgage. A hybrid mortgage combines features from an adjustable rate mortgage (ARM) and a fixed mortgage.