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.
Adjustable Rate Mortgages. Adjustable Rate Mortgage (ARM) products have an initial fixed rate period of 3, 5, 7, or 10 years, and a full loan term of 30 years (360 months). After the initial fixed period has expired, the interest rate will be adjusted annually based upon an index plus a margin.