TESSAs - Tax Exempt Special Savings Accounts

If you opened a Tax-Exempt Special Savings Account (TESSA) in April 1999 your plan ceased to exist from April 2004 on maturity. Whether you invested the full £9,000 allowable or a smaller sum, you may now be faced with the dilemma of what to do with the proceeds.

Your bank or building society have probably tried to tempt you with an alternative home for your money, but as providers of independent financial advice we can assist you to find the right solution based on our unbiased research.

TESSA rules
* You were not allowed to transfer your TESSA into a TESSA-only ISA (TOISA) before it reached the 5-year maturity date
* You have six months after your TESSA matured to transfer the capital originally invested - up to £9,000 - into a cash TOISA and not lose your tax-free status on the interest
* You pay tax on any interest earned between the time your TESSA finished and your TOISA starts
* Investing in a TOISA does not count towards your annual £7,000 ISA allowance

Escape the frenzied activity as the banks and building societies compete for your maturing money. We can discuss your options independently and make your money work harder for you - please e-mail or contact us.

Levels and bases of, and reliefs from, tax are subject to change. Because these investments/funds may go down in value as well as up, you may not get back the full amount invested.