There are approximately £9 billion worth of paper £20 and £15 billion worth of paper £50 notes still in circulation. As they are returned to the Bank of England, these are being replaced with the new polymer £20 notes featuring J.M.W. Turner, and polymer £50 notes featuring Alan Turing. After 30 September 2022, the new polymer notes will be the only ones with legal tender status.
We are encouraging anyone who has these at home to spend or deposit them at their bank or Post Office well ahead of next September. Nevertheless, businesses should expect to receive paper £20 and £50 notes right up to the final date, so make sure any employees handling cash stay trained on how to check these (see below).
After 30 September 2022, businesses (and individuals) with a UK bank account will still be able to deposit withdrawn notes into their account. Some Post Offices may also accept withdrawn notes as payment for goods and services or as a deposit to an account accessed via them.
The Bank of England will continue to exchange all withdrawn notes. For more information on this please see their website.