tax exempt special savings scheme

tax exempt special savings scheme
A special bank or building society savings account that offered tax-free interest provided that the account was maintained for a fixed period of five years. TESSAs were replaced by individual savings accounts (ISAs) from 6 April 1999 although TESSAs opened before that date can continue to run to maturity under the normal TESSA rules.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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