Getting the most from rolling over

A decade has now passed since the 1990 Finance Act introduced us to the tax exempt special savings account (Tessa). Designed to promote low-cost savings, the Tessa was an instant hit with the public, and over the years billions of pounds have effectively been removed from the tax system. As expected, the high street banks and building societies dominated the Tessa market. Faced with the option of having our hard-earned savings either taxed or tax-free, it was not difficult to see why millions of us readily signed up to this five-year savings plan. Tax-free savings had previously been t...