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Tax-Exempt Special Savings Account

Tax-Exempt Special Savings Account Definition

In the UK, the Tax-Exempt Special Savings Account (TESSA) was a special tax-free bank account. The TESSA was announced by John Major in his only Budget as Chancellor of the Exchequer in 1990 (a budget for savings). 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.

RELATED TERMS
Personal Equity Plan
RELATED CATEGORIES
Banking







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