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PEP stands for Personal Equity Plan. In April 1999 PEPs were replaced by ISAs. A PEP is similar to an ISA in that it is a tax free investment. You could invest up to £6000 in each year. Although it has not been possible to start a new PEP since April 1999, you may still transfer an existing PEP.

TESSA - Tax Exempt Special Savings Account
TESSA stands for Tax Exempt Special Savings Account. In April 1999 TESSAs were replaced by ISAs. TESSAs are a 5 year investment strategy and as such it is still possible to own and contribute to an old TESSA account, although no new accounts have been available since April 1999.

You may pay up to £9,000 over a 5 year period into a TESSA account. This is provided the account is maintained for 5 years and that you withdraw no more than the interest on the account, subject to a deduction equivalent to lower rate tax, the interest is tax free.

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