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 Is an Adjustable Rate Mortgage (ARM) â Definition, Pros & Cons. When shopping for a mortgage, you have a variety of options. Mortgages can be structured differently and many factors are negotiable, such as the interest rate, closing costs, the loanâs length, a pre-payment penalty, and a balloon payment, to name a few. One type of loan that has recently become popular is the ARM, or adjustable rate mortgage.