Tax Exempt Special Savings Account. A government backed scheme introduced in 1991, where a special savings plan held by an approved institution (usually a bank or building society) will generate interest, free of income tax. TESSAs were designed to provide some tax shelter for relatively modest savings. There are a number of conditions relating to TESSAs that include a maximum annual investment and minimum holding period. These have been phased out in favour of ISAs.
Acronym for "Tax Exempt Special Savings Account". You may pay up to £9,000 into a TESSA account over a 5 year period. Provided the account is maintained for 5 years and that you withdraw no more than the interest on the account, subject to a deduction equivalent to lower rate tax, the interest is tax free. No new TESSAs may be opened after 5 April 1999, but you may continue to contribute to an old TESSA after that date. Replaced by Individual Savings Accounts.
Tax Exempt Special Savings Accounts enable UK-resident individuals to obtain a tax-free return from their savings over a five-year term. Individuals can save a total of £9,000, subject to a maximum of £3,000 in the first year and £ 1 800 in any subsequent year. Individuals can save regularly or with one or more lump sums. Any UK-resident adult may open one TESSA; a married couple may have one each. After five years the contract will cease and the capital and interest will be returned free of income tax; £3000 could then be used to commence a new TESSA.
Tax Exempt Special Savings Account . TESSAs were replaced on 5th April 1999 by the new Individual Savings Account (ISA). Existing Tessas can be held for the remainder of their original term.
Tax-Exempt Special Savings Account. The TESSA was the forerunner of cash ISAs, providing tax-free interest in a savings account. Phased out long with PEPs in April 1999.
a Tax Exempt Savings Bond
Tax Exempt Special Savings Account. Now replaced by the Individual Savings Account. Keep your money in this bank deposit account investment for five years and you won't pay any tax. For the truly long-term investor, TESSAs are an irrelevancy, as the stock market provides much greater returns.
Government scheme designed to set up tax free bank accounts. Includes a minimal holding time and a maximum yearly investment.
TESSAs were launched on 1 January 1991 as a five year tax-free savings plan. TESSAs were offered by banks, building societies or friendly societies and you could invest up to £9,000 in a cash deposit.
This stands for Tax Exempt Special Savings Account. It is a special savings account with banks, building societies and so on and the interest is free of tax if you keep to any rules about withdrawals.
Tax Exempt Special Savings Account - A form of tax-free saving, withdrawn in April 1999.
Tax-Exempt Special Savings Accounts (TESSAs) are five-year savings accounts that do not incur tax charges on the interest paid. It has not been possible to open a new TESSA account since April 1999. However, TESSAs in existence before that date can continue up to the end of their 5-year term.
Tax Exempt Special Savings Account. Now replaced by the ISA. A bank deposit account investment that was tax-free if you kept your money in it for five years.
Tax Exempt Special Savings Account. Scheme whereby certain savings plans will generate interest, free of income tax.
tax exempt special savings scheme available to UK residents and non-residents. They speak for themselves. Many building societies offer them. Currently, £9,000 per person can be invested over a 5 year period.
Tax Exempt Special Savings Account. A British savings product enabling private investors to save money free of income tax on the interest it earned. TESSAs ceased to be available in April 1999.
Tax Exempt Special Savings Account. The five-year savings account launched in the 1990s that earns all interest tax-free.
A UK savings account, in which the interest is paid to you tax free. Since April 1999, no new TESSAs have been available, but when an existing TESSA matures (reaches the end of its term), the money can be paid into a TESSA-only ISA.
Tax Exempt Special Savings Accountss. Effectively tax free deposit account, available to those over age 18. No new accounts could be opened after 6th April 1999 but contributions could be added to existing accounts, subject to constraints on timing and amount of deposits. Maximum deposit was £9,000 in total over 5 years, with maximum contribution limits applying to each year. Proceeds from TESSAs maturing after 6th April 1999 can be invested in cash ISAs in addition to normal ISA limits.
Tax-exempt special savings accounts (TESSAs) were a type of cash account set up by the UK Government in 1991. Interest earned on savings in a TESSA were exempt from paying income tax providing you held the account for at least five years. TESSAs were closed to new business in 1999 and were replaced by cash ISAs.
