TESSA ISAs
TESSA ISAs
TESSA ISAs are a special form of ISA made available for people in possession of maturing TESSA accounts. TESSAs provided a five-year period of tax-exempt savings for the investment made into them, but were abolished in 1999. As a result, the last TESSAs matured in 2004, and owners of these accounts had the option of reinvesting the savings into special TESSA ISAs within 6 months of that point without having the sum count towards their yearly ISA investment limit.
New TESSA ISAs are only available to people who already hold a TESSA ISA and are looking to move their investment to a new ISA manager.
TESSA ISAs can feature:
For a selection of current ISAs, take a look at the table below:
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Please bear in mind that:
Investment ISAs are designed as medium to long term investments, for example at least five years.
The value of your investment and the level of any income received from it can fall as well as rise and is not guaranteed and you may not get back the amount of your original investment.
The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.
If you choose an index-tracking trust which invests overseas, exchange rate variations may cause the value of your investment to increase or decrease.
If you unsure what Investment ISA plan is right for you speak to an independent investment adviser.