Definition of TESSA in English:
TESSA
(also Tessa)
nounPlural TESSAs, Plural Tessasˈtɛsə
(in the UK) a tax-exempt special savings account allowing savers to invest a certain amount in a bank or building society with no tax to pay on the interest, provided that the capital remained in the account for five years (replaced in 1999 by the ISA).
（英国）免税特别存款账户
Example sentencesExamples
- When the first Tessas began to mature, the government brought in roll-over Tessas so that the tax break could continue.
- Many people have gathered substantial nest eggs from building-society windfalls, privatisations and by making the most of tax breaks available under Tessas, Peps and Isas.
- Tax-free Tessas resulted from King's free thinking too.
- Miles's team points out that the orthodox tax-break systems that enabled financial packages like Tessas and Peps to succeed have been applied to mortgages in the past.
- Tax-exempt investments such as Tessas and Individual Savings Accounts do not have to be notified to the tax authorities or included on any forms.
- Scottish institutions are failing savers again, this time when it comes to tax-exempt Tessas.
- You can reinvest the capital you put into your TESSA, but not the interest, in a Tessa Only ISA, or TOISA for short.
- Former teacher Raymond Taylor likes to invest his money wisely to ensure he can afford plenty of ‘riotous living’ in retirement, which is why tax-exempt Tessas appealed to him from the word go.
- Customers can hold a Tessa - only ISA in addition to any other ISA (either mini or maxi), and the new Royal Bank account meets the government's standards of efficiency and therefore has a Cat mark.
- Essentially, although tax-free Tessas have been replaced by Individual Savings Accounts, it is still possible to shelter money in accounts already opened.
- Isas replaced Tessas in 1999, so the last batch of 400,000 five-year schemes - worth about £1.48 billion - matured in March and April.
- But while Peps allowed you to invest in equities and Tessas in tax-free deposits, with an Isa you can do both, up to a point.
- Tax exempt savings, however, such as Tessas, Personal Equity Plans and Individual Savings Accounts do not need to be declared on the return.
- Back in April 1999 the government introduced Individual Savings Accounts which replaced Peps and Tessas.