Personal Finance

State pension tax rules explained as pensioners set to pay new levy


Tax is not necessarily deducted from the state pension, but it could use up some of the tax-free allowance.

MoneyHelper, the Government-backed service, has explained the implications.

The full new state pension for the current tax year is calculated at a value of £9,339.20.

If a person has a tax-free allowance of £12,570, this means they will have £3,230 of their Personal Allowance remaining.





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.