tax-exempt special savings account

Definitions

Accounting

Economics

  • noun a discontinued type of account into which money could be placed to earn interest free of tax, provided it was left untouched for five years. Since 1999 the scheme has gradually been phased out but money in existing TESSAs can be reinvested in ISAs.

Investing

  • noun a now-discontinued form of interest-free savings account largely superseded by the ISA.
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