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About: Tax-exempt special savings account     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : yago:WikicatTax-advantagedSavingsPlansInTheUnitedKingdom, within Data Space : dbpedia.demo.openlinksw.com associated with source document(s)

Type: yago:Abstraction100002137yago:Cognition100023271yago:Content105809192yago:Idea105833840yago:Plan105898568yago:PsychologicalFeature100023100yago:WikicatTax-advantagedSavingsPlansInTheUnitedKingdom New Facet based on Instances of this Class

In the UK, the tax-exempt special savings account (TESSA) was one of a number of tax-free savings accounts. The TESSA was announced by John Major in his only budget as Chancellor of the Exchequer in 1990 (the "budget for savings") and at first had a five-year lifespan. The TESSA was intended to be a low-risk complement to the personal equity plan (PEP) which would be attractive to a wider range of savers. The accounts were replaced by Individual Savings Accounts in 1999.