Many people have second-generation TESSA investments maturing at the moment and many do not realise there are still tax benefits to be had. When your TESSA matures, you have the option to roll over the capital you invested into a TOISA (TESSA Only ISA). You cannot roll over any interest you received on your TESSA. By rolling your capital over into a TOISA your money will again grow free of income and capital gains tax. You will also still be able to invest the full £7,000 into an ISA if you want to.
Our View:
If you don't plan to take out an ISA this year, why not have the interest from your maturing TESSA put into a Mini Cash ISA? This way, even the interest you received on your TESSA will still be free of income and capital gains tax. You only have six months from the date of your TESSA maturity to roll it over into a TOISA.