Tax Exempt Special Savings Account

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A UK savings account with a bank or building society, introduced in 1991, in which savers were allowed to invest up to £9000 over a five-year period with no tax to pay on their interest, provided that certain conditions were met. Tessas were replaced by Individual Savings Accounts (ISAs) in April 1999; however, existing Tessas were allowed to continue under the same arrangements until their term expired.

Subjects: Financial Institutions and Services.

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