Money matters: Last chance on PEPs.
You've got until late March to make the move and tuck up to pounds 18,000 per couple in personal equity plans and earmark up to another pounds 9,000 for a TESSA before these tax-free vehicles drive off into the sunset.
After that they are replaced by ISA - Individual Savings Accounts - with less generous limits on how much you can salt away from the taxman each financial year.
At the moment you can put up to pounds 6,000 per adult into a general PEP investing in a mixture of shares and another pounds 3,000 into a single company PEP in the shares of just one company.
All gains and dividends are totally tax free and will remain so for the life of these PEPs. But from April 6 you won't be able to start any more PEPs. It's the same with TESSAs - this year is your last chance to start a new TESSA (Tax Exempt Special Savings Account) or to re-invest the proceeds of a maturing one for a further five years.
Advisers Chase de Vere have just published a short free guide to how ISAs will work (call 0800 805 806) which will help you through the changes next spring.
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|Publication:||The People (London, England)|
|Date:||Nov 15, 1998|
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