The new £1 coin has now become legal tender and coins are being distributed across the country. The twelve-sided coin is the first new £1 to be produced in over thirty years and it is intended to be one of the most secure coins of its kind anywhere in the world.

Consumers and businesses are reminded that they should return their old one pound coins – either by spending them or returning them directly to a bank – by 15 October 2017, when they cease to be legal tender.

At CTG’s 2017 Tax Conference, Financial Secretary to the Treasury Jane Ellison also suggested that individuals might use the opportunity to give their old £1 coins to charity.