State pension helps many elderly Britons in the later years of their life.
However, many don’t even know what the state pension age is and how much they will get.
State pension payments are paid monthly into your chosen bank account.
But - can you be taxed on your state pension?
State pension: Is it taxable? How much could you pay in tax on your pension?
Is state pension taxable?
The short answer is yes, state pensions are taxed as they are treated as income.
However, many people may not pay any tax on their state pension, depending on how much they are getting annually. State pension is paid to Britons gross (without any tax deducted) for this reason.
The full state pension is currently £168.60 per week. Yearly, this equates to £8,767.20.
Yet, Britons are only taxed on any cash they earn over the personal allowance, which for this year is £12,500.
State pension: Is it taxable? How much could you pay in tax on your pension? (Image: GETTY)
State pension: State pensions are taxed as they are treated as income (Image: GETTY)
Therefore it is clear that those who earn just the maximum state
