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NDF bids for the maturing Tessas

NDF Administration is aiming for a big share of the£21bn maturing Tessa market with a Tessa-only Isa.

Tessa Triple Plus 2 is managed by Credit Suisse First Boston and offers tax-free ret-urns of up to 20 per cent a year.

Returns are linked to the FTSE 100 index but initial capital is 100 per cent protected as long as the investment is held for the five-year term.

There are no initial or annual charges but IFAs can take up to 3 per cent initial commission.

Toisa rules stipulate that only the initial capital of up to£9,000 can be transferred from a Tessa into a Toisa. But NDF is also offering a mini Isa product so investors can transfer up to a further£3,000.

The plan has two offer periods. The first offer runs until August 17 and the second offer period will extend from August 20 to September 28.

Managing director Anthony Stack says: “It is estimated that there are hundreds of millions of pounds in Tessa funds maturing each month over the next quarter. In addition, Tessa holders who have not yet reinvested Tessa maturities from earlier in 2001 now only have a limited time to reinvest in a Toisa. Once the six-month time limit from the original Tessa maturity is passed, this valuable tax relief is gone for ever.”


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