State pension is taxable and more pensioners are set to be taxed

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State pension is taxable and more pensioners are set to be taxed

Income tax thresholds have been frozen for six years, meaning more and more pensioners on low incomes are likely to have to pay tax on their income.While the full state pension is under the personal allowance, it is a form of taxable income.The sum rises annually via the triple lock, but with tax allowance not increasing until 2028, pensioners could near or head further into the 20 per cent basic rate tax band.Alice Guy, head of pension and savi…