Paper £20 and £50 notes to be withdrawn from circulation by end of September

27 Jun 2022

The Bank of England (BoE) has reminded the public that it will be withdrawing the legal tender status of paper £20 and £50 banknotes after 30 September 2022.

According to the Bank, there are still over £6 billion worth of paper £20 notes and over £8 billion worth of paper £50 notes in circulation.

The BoE is encouraging anyone who still has paper £20 or £50 notes to use them or deposit them at their local bank branch or post office.

Commenting on the matter, Sarah John, Chief Cashier at the BoE, said: 'Changing our banknotes from paper to polymer over recent years has been an important development, because it makes them more difficult to counterfeit, and means they are more durable.

'The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we're asking you to check if you have any at home.'

About us

Higgisons was formed by John Higgison in Oxford Street in 1965 and was originally part of the Accountancy Tuition Centre until James McHale became managing partner and the firm moved to its City Road premises in 1982.

We like to become involved at the planning stage of the formation of a business venture to ensure that it is structured as flexibly and efficiently as possible so that it can cope with changes in legislation or personal circumstances.

Higgisons Chartered Accountants
Higgison House
381-383 City Road
London
EC1V 1NW


© 2024 Higgisons Chartered Accountants. All rights reserved. We use cookies on this website, you can find more information about cookies here.