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.
What's an adjustable-rate mortgage? An adjustable-rate mortgage (ARM) is a 30-year home loan with an initial fixed-rate period, typically 3 to 10 years. The interest rate may change on an annual basis once the fixed portion of the loan expires.