THE Budget is almost upon us, heralding the end of another financial

year and reminding us that time is running out for the full use of this

year's personal tax allowances.

As Jeffrey Deans points out, Peps are increasingly in demand by S&I

clients because they allow entry into the share market without the

penalties of tax on dividends or capital gains.

General Peps are limited to #6000 per person each tax year so anyone

interested in taking up this year's allowance has only a few weeks to do

so.

''Effectively over the next few weeks a couple with a sizable lump sum

to invest could take out #24,000 in Peps, taking in next year's

allowance,'' says Deans who also points out that anyone unhappy with

their existing Pep can transfer to another without great difficulty.

Now is also a good time to check on the possibility of a one-off

payment to your pension fund to top up the Additional Voluntary

Contributions (AVCs) and maximise the tax-free benefits a pension

provides over the longer term.

For tax-payers in the higher bracket, Business Expansion Schemes

backed by banks in non-recourse loan plans have developed into a very

efficient way of generating a healthy return.

''Though only suitable for 40% tax-payers, some BES can provide a

guaranteed annualised compound return of 30% in only six months,'' says

Deans.

Similarly, property-based investments in Enterprise Zone Trusts can

provide close to 100% tax relief for the higher tax-payer.

''Now is the time to think about these kinds of schemes, all the more

so as some could well be altered or even abolished by the Chancellor

next week,'' says Deans.