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

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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 servi

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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.



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