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Tax Exempt Savings Accounts

Volume 597: debated on Thursday 25 February 1999

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asked Her Majesty's Government:Whether they can confirm that under a first TESSA it is impossible to invest less than £3, 000, but that this will not apply in the case of ISAs. [HL1051]

There is no such restriction. The Regulations for TESSAs and ISAs each set maximum amounts which can be saved in a year. In the case of a first TESSA, this maximum is £3, 000 for the first year. The regulations do not set a minimum contribution limit, although some providers may set minimum limits for particular accounts.