Inherited TESSA

DIESEL_3

Hello,

My grandfathers will has bequeathed my sister and I a TESSA each. His initial investment in 2001 (we think) was £2000 for each TESSA. I don't know anything about TESSAs, TOISAs or ISAs. Can anyone give me some background/advice. :j

Thankyou

Debt_Free_Chick

Fairly sure that you can't inherit a TESSA. I think you'll find that the money from the TESSAs will be cashed in by the Executor of the Estate and you will recieve a cheque, each, for the amount in each account.

Check with the Executor, probably a member of your family.

HTH

isasmurf

Sorry to hear about the loss of your grandfather, but some points.

1, As DFC says you cannot inherit a TESSA. You can inherit the money in the TESSA, but on death it becomes a taxable account.

2. You could not purchase/open a TESSA after 5th April 1999. There are no TESSAs in existence as the last ones matured April last year.

3. An individual could only hold one TESSA, so he could not have held two to give to you and your sister.

So whatever you have inherited it is not a TESSA. It is probably a TESSA which has been rolled over into an ISA, but again on death the ISA becomes a taxable account.

DIESEL_3

Thanks for all your advice. I'll check with the executor of the will.