Seconds out: the first crop of maturing Tessas has spawned a family of second-generation relations designed to reabsorb the cash released. What doe they offer investors looking for a new home for their capital?

Article Abstract:

Around 2 billion pounds sterling worth of tax exempt special savings accounts (Tessas) will mature in 1997 and it is worth considering follow-up Tessas. These are similar to the original tax free savings accounts although the rules on how much can be contributed are more flexible and higher interest rates or often paid. There is no obligation to take out a follow up Tessa with the same bank or building society, although a loyalty bonus may be offered.

Tax exemption, Tax exemptions

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Safe and sound in Tessa's arms: the abiding attractions of Tessas - their tax freedom and the security of a deposit account - remain as alluring as ever for risk-averse investors

Article Abstract:

Tax exempt special savings accounts (Tessas), were originally tax free ways of saving up to 9,000 pounds sterling over five years at high interest rates. There are now many variations, but their attraction remains, in spite of a fall in interest rates. Currently, a little under 10% of all bank and building society deposits are in Tessa accounts, and savers can now roll up to 9,000 pounds sterling from maturing Tessas straight into follow up Tessas.

Taxation, Investments

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Talking Tessas: Tessas can offer an attractive risk-free tax shelter for cash - but some are much more attractive than others

Article Abstract:

Tessas have proved to be more complicated than was expected now thatn banks and building societies have introduced a proliferation of loyalty bonuses and penalties for early transfer. Their aim is to keep savers with the same plan for a full five years, with varying lump sum and regular payment options. However Tessas are still valuable as a tax shelter.

Usage

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