Like an insatiable, bloated Cookie Monster, he seems to want a bit of everybody's packed lunch, just for the sake of it.

First of all he takes what seems like a huge part of your pay packet. Then he takes 17.5% of nearly everything you spend. And - even if you manage to save something - he helps himself to a slice of the paltry interest you get nowadays.

There are few subjects more likely to send even the most insomniac espressaholic into a peaceful snooze than personal finance, but if you want to beat the taxman at his own game, read on.

For the last few years, there have been a couple of perfectly legitimate ways to keep more of your money for yourself, by not paying tax on any interest on savings. (Wisecracks about putting your money into off-shore trusts like the former Paymaster General, Geoffrey Robinson, are a bit passé and therefore will not be made here.)

Have some caffeine, and think about personal finance

These methods have had such inspiring names as Peps and Tessas, but since both have just a few weeks left before being abolished by the Chancellor of the Exchequer, Gordon Brown, you will have to act sharpish to take advantage of them. If you are interested, read on. But if you don't think you will get your act together until after April 5, click here to read about what you can do instead.

Peps

In very simple terms, the Pep (short for personal equity plan) is a way to put your money into shares (or bonds or trusts), and - so long as the value of your shares goes up, like any trading on the Stock Exchange - reaping the benefit without having to pay tax on it.

Because in effect the taxman was letting people have money he would otherwise have a cut of, there was a limit on the size of investment you could make (up to £9,000 a year, a third of which would have to be in a single company). Peps are really designed for you tie up your cash for five years.

If you want a Pep, you will have to buy it before April 5. (If you are really with-it, you'll know that April 5 is the Easter Bank Holiday. Therefore April 4 and 3 are the weekend. April 2 is Good Friday, also a Bank Holiday. So the last day you could get a Pep is, perhaps ominously, April Fool's Day.)

The Tessa

The Tessa (short for tax exempt special savings account - and what a cute acronym) is even simpler to understand. It's just an account through a bank or building society on which the interest is tax-free. Investments in the first year are limited to £3,000, and while you can withdraw any interest paid, you must not touch your actual savings for five years to keep the account tax free.

Tessas also end on April 5.

The Isa

If you've just re-joined us, welcome back after the break. The Isa (short for Individual Savings Account) replaces both Peps and Tessas, but sadly it doesn't have such a memorable nickname.

Gordon Brown: thumbs up for the Isa

Each year, you will be able to put up to £5,000 in your Isa, one grand of which can be in cash, one grand in life insurance, and three grand in stocks and shares. (Actually, the first year is an exception - as a special treat, you can put up an extra couple of thousand pounds.)

If you can't afford (or don't want) to invest the full lot, you can just have one element (i.e. cash, life insurance or shares).

Originally Gordon Brown thought there should be a £50,000 lifetime limit on how much any individual could have in an Isa. However after much lobbying he changed his mind, and the sky is now the limit - although there is the £5,000 annual maximum.

In case you don't spend hours poring over the Financial Times every morning and don't have the latest stock prices sent to your pager every few minutes, you don't need to be an expert to choose how to invest your Isa.

The government is introducing what it calls "CAT standards" - a term which makes up for the dullness of the name Isa.

Standing loosely for Charges, easy Access and fair Terms, the mark will apply to Isas which offer decent value against government targets.

The Treasury website says the CAT standard will not mean the Isa is the best around, but will give a fair deal.

Good points

As well as being easy to understand, the Isa will be attractive because you can spread your risk. You are not putting the whole lot on the share market, which as should be obvious by now, can go down as well as up.

But of course, the real attraction of the Isa is that you get to keep whatever money your investments make, without paying tax.

Anyone fancy a Digestive?

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