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The National Savings Bank (Investment Deposits) (Limits) (Amendment) (No. 2) Order 1999
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- 1999 No. 2060
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order further amends the National Savings Bank (Investment Deposits) (Limits) Order 1977 to limit the amount which may be paid into an individual savings account designated as a TESSA only account arising from the proceeds of a mature tax exempt special savings account (“Tessa”). An individual savings account designated as TESSA only account is a new category of investment deposit account being introduced on 26th July 1999 by the National Savings Bank (Amendment) (No. 2) Regulations 1999. The proceeds of a Tessa not exceeding £9,000 and maturing on or after 6th April 1999 may within a period of six months from the day on which the account matures be paid into an individual savings account designated as a TESSA only account in the tax year 1999–2000. In the case of an account maturing on or after 6th January but before 6th April 1999 (where a follow up account is not opened) such payment may be made within six months from the date of maturity of that account.
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