In the past year we have seen the introduction of a new five pound note into circulation, so with the new 12 edged pound coin being introduced into circulation from 28 March 2017, we have formulated some top tips on what your business can do to prepare.
The new pound coin has been introduced in a bid to reduce the amount of counterfeit coins in circulation, which in turn causes a loss to businesses and the taxpayer.
As a business you need to be prepared for when the current notes and coins cease to be legal tender, for ease of reference the key dates are as follows:
From these dates, businesses are no longer under an obligation to accept the old tender, they can however, be deposited in most high street banks.
The introduction of the new coin has not been without criticism that preparing for the new pound coin diverts attention away from running a business, therefore we have come up with our top five tips to help you prepare and points for you to consider.
In summer 2017, following the success of the five pound note, a new ten pound note will be introduced into circulation. Followed by a new 20 pound note to be introduced by 2020, however, this may be delayed due to production being put on hold while the Bank of England consider whether palm oil is t be used as opposed to animal fats which are used in the current five pound notes.
It is important for businesses to be prepared with the introduction of the new pound coin to avoid accumulating further costs and time being wasted further down the line. For further information and guidance on this topic, please contact firstname.lastname@example.orgTalk to our legal team
The information provided in all of our blogs reflects only a narrative of some elements to consider on the topic. The blogs do not contain considered legal advice and should not be relied upon as advice. Please see our website terms and conditions for full details of our disclaimer. If you are interested in obtaining advice, please contact one of our lawyers who will be happy and able to advise you on your own particular circumstances.