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Paper £20 and £50 notes to be withdrawn from circulation by end of September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

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Chartered Tax Adviser

Registered in England, Company Registration number – 7906656. Registered Office – 58b High Street, Stony Stratford, Milton Keynes, MK11 1AQ. Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.