Frequently
asked questions
Q Can anyone open an
ISA?
A You may have an ISA if you are a UK resident, or are
a resident for tax purposes in the UK. You also need to be
over 18,
except for Mini Cash ISAs which you may open if you are
at least 16 years old.
Q What are PEPs?
A PEP, or Personal Equity Plan, was a savings plan available
until 1999 that allowed for tax-exempt investments in securities
and shares.
This has since been replaced by Stocks & Shares
ISAs. While previously opened PEPs still exist, no new
ones were opened
after 1999.
Q What is a TESSA?
A TESSA, or Tax Exempt Special Savings Account, was a special
type of savings account offered by banks and building
societies until ISAs replaced them after April 5, 1999.
Any money
left in a TESSA enjoyed tax exemption for earnings made
from interest,
bonuses or dividends.
Existing TESSAs may be transferred
to a TESSA-only ISA.
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