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.
The most common adjustable rate mortgage is called a âhybrid ARM,â in which a specific interest rate is guaranteed to remain fixed for a specific period of time. Often, this initial rate is lower than what you could otherwise get in a traditional 30-year fixed loan.